Hong Kong The head of Goldman Sachs Group Inc's (GS.N) Southeast Asian operations is set to step down and move to a new position as an advisory director for the bank at the end of the year, according to company memo obtained by Reuters.
Goldman has not yet named a new Southeast Asia chairman to succeed L. Brooks Entwistle, 45, who is known for his work in establishing Goldman Sachs' Indian business, a process he began when he moved to Mumbai in 2006.
Entwistle remained in Mumbai as India country head until early 2011 when he moved to Singapore.
Southeast Asia has become increasingly important for investment banks as deal volume in the region booms while activity for other regions wanes. Goldman Sachs relocated high-profile capital markets banker Steven Barg to Singapore in July to become co-head of investment banking Southeast Asia, alongside Hsin Yue Yong.
A spokesman for the bank confirmed the contents of the memo. (Reporting by Lawrence White; Editing by Edwina Gibbs)
Trending On Reuters
India GDP Data
India's economy grew faster than China's in the quarter through March, data showed on Friday, but a sharp downward revision for the previous quarter fuelled doubts about the accuracy of a new method used to measure economic activity. Read | Graphic