Gold­man Sachs Asia chair to step down

The Myanmar Times - - Business -

GOLD­MAN Sachs is los­ing an ar­chi­tect of its Asia-Pa­cific di­vi­sion at the same time it con­fronts slow­ing ac­tiv­ity in the re­gion and a probe over its deal­ings in Malaysia.

Mark Schwartz, 62, has de­cided to re­tire from his post as chair­man of Gold­man Sachs Asia Pa­cific, ac­cord­ing to a memo from chief ex­ec­u­tive Lloyd Blank­fein and pres­i­dent Gary Cohn viewed by AFP.

Bei­jing-based Schwartz, a 27year Gold­man veteran, will leave his post at the end of 2016. He will serve as a se­nior di­rec­tor at Gold­man fol­low­ing his de­par­ture from China.

Mr Schwartz played an in­stru­men­tal role in build­ing Gold­man’s busi­ness in Asia, as chair of Gold­man Sachs Asia Pa­cific in Tokyo in the late 1990s and repris­ing the role again in 2012 from Bei­jing.

Fac­ing a slow­down in ini­tial pub­lic of­fer­ings and merger ad­vi­sory in Asia, Gold­man plans to cut 30 per­cent of its staff through­out the re­gion with the ex­cep­tion of Ja­pan, a source told AFP last month.

Gold­man’s Asia op­er­a­tions have also been tainted by its work with Malaysian state in­vest­ment fund 1MDB, which is en­meshed in a po­lit­i­cal scan­dal over al­le­ga­tions that bil­lions of dol­lars were looted in an au­da­cious cam­paign of fraud and money laun­der­ing. –

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