PanaTimes

Friday, Feb 03, 2023

Goldman lures former Bank of England chief Fried as next international chair

Goldman lures former Bank of England chief Fried as next international chair

Sir Bradley Fried will replace Jose Manuel Barroso, the former European Commission president, as chairman of Goldman Sachs International in February.

The former head of the Bank of England's governing body is to chair the bulk of Goldman Sachs' operations outside the US - one of the most influential jobs at the Wall Street titan.

Sky News has learnt that Sir Bradley Fried, who stepped down as chair of the Court of the Bank of England only six months ago, will be announced next week as the new chairman of Goldman Sachs International (GSI).

Sir Bradley will replace Jose Manuel Barroso, the former European Commission president, whose appointment to the role at the world's most prominent investment bank in 2016 ignited a firestorm in Brussels.

Mr Barroso will become chair of Goldman Sachs International Advisors in February, where he will advise the firm's executives on global strategic issues.


Jose Manuel Barroso

Sources said that Sir Bradley's appointment as chairman of GSI would be subject to regulatory approval, although his appointment as a board director would not require such approval.

As a former non-executive director of the Financial Conduct Authority, he will bring a substantial volume of financial services regulatory expertise to Goldman.

The bank's London base employs about 6,000 people, which is broadly comparable to the size of its pre-Brexit workforce.

Goldman has, however, increased its headcount on the Continent since Mr Barroso was appointed as GSI chair in 2016.

Like many banks, Goldman has been obliged by the European Central Bank to relocate many functions previously performed in London to European Union countries.

Goldman Sachs offices in central London


Sir Bradley's appointment comes during a period of profound change at Goldman, with chief executive David Solomon under pressure to deliver an improvement in its profitability.

It was reported this week that Mr Solomon was preparing to cut as many as 4,000 jobs, or about 8% of its global workforce.

On Saturday, it was unclear how many of those prospective redundancies might affect its UK-based operations.

Goldman shares have performed poorly this year, having fallen almost 10%, even as many banks are seeing their valuations bolstered by rising interest rates in major economies.

Assuming his appointment is approved by regulators, Sir Bradley will take over as chairman of GSI at the beginning of February.

He was previously chief executive of Investec Bank, a partner at McKinsey, the global management consulting firm, and was a co-founder of Grovepoint Capital, a private investment firm.

Sir Bradley, who was replaced as chair of the Bank of England Court by David Roberts, is also a governor of the London Business School.

Among his longer-term assignments at GSI is likely to be working with a new chief executive of the division.

Richard Gnodde, the current CEO, has held the role either solely or in a joint capacity since 2006, and is one of the City's most senior figures.

Earlier this year, Todd Leland, another Goldman veteran, was named president of GSI, potentially putting him in the frame to succeed Mr Gnodde.

A spokesman for Goldman Sachs declined to comment this weekend.

Newsletter

Related Articles

PanaTimes
Close
0:00
0:00
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
House Speaker Kevin McCarthy said he will block Reps. Adam Schiff and Eric Swalwell from serving on the House Intelligence Committee
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Yellen hints at ‘national security’ probe into Twitter purchase
×