Belfast Telegraph

Michael Sherwood of Goldman Sachs to retire from banking giant

The boss of Goldman Sachs' European operation, Michael Sherwood, is retiring from the Wall Street banking giant.

Mr Sherwood hit the headlines recently when he was hauled before MPs to explain the bank's role in the collapse of retailer BHS.

He told MPs that the firm's involvement, which included unpaid "informal" advice to former BHS owner Sir Philip Green, had not enhanced its reputation, with the bank reconsidering its involvement with the much-maligned billionaire.

Mr Sherwood has worked at Goldman for 30 years and had been tipped as one of the potential successors to chief executive Lloyd Blankfein.

But in a memo to staff, Mr Blankfein said: "Over the course of his career, Michael has played a vital role in establishing and growing our franchise in Europe and around the world.

"His expertise and knowledge across a range of markets, as well as his passion and commitment to our culture, have influenced a generation of professionals at Goldman Sachs."

Richard Gnodde will take over as chief executive officer of Goldman Sachs International, which includes the European operation.