Goldman Sachs Group Update
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A few months later, Goldman Sachs hired former McKinsey executive Kevin Sneader as co-president of the bank’s Asia-Pacific region He was ousted Top positions from global consulting companies.
In his position, Sneader will help manage Goldman Sachs’ daily operations in the region, including China. The group recently won Regulators approved the establishment of a wealth management joint venture with Industrial and Commercial Bank of China, one of the largest banks in China.
Goldman Sachs CEO David Solomon said in a statement: “Kevin’s international and Asian experience, and his deep relationships with global and Asian clients in multiple industries, will make a significant contribution to our execution of our strategy. ”
Sneader will join Todd Leland as the co-president of Goldman Sachs in the region, and will begin to be based in Hong Kong in November. He will report to Richard Gnodde, the chief executive of Goldman Sachs International, who oversees the bank’s operations outside North America.
Sneader said: “It is particularly exciting to join at a time when dealing with the complexity of Asia and seizing Asian opportunities has never been more important for customers in and outside the region.”
Goldman Sachs’ business in Asia was hit hard last year because of a subsidiary in the region Plead Because the bank reached a $2.9 billion global settlement agreement with regulators over the 1MDB money laundering scandal, the bank was charged with bribery.
Sneader was born in Scotland and served as the chairman of McKinsey Asia Pacific in Hong Kong for four years before being elected as a global managing partner in 2018. He helped McKinsey become China’s largest global consulting company, and the region is still regarded by the industry as one of the most promising sources of growth.
However, he failed to be re-elected as McKinsey’s global managing partner in February, becoming the first person to hold this position for only three years since 1976.
The vote of the company’s 650 senior partners was seen as a referendum on Sneader’s handling of several crises, including a US lawsuit against the consulting firm’s advice to opioid manufacturers and its work in authoritarian countries.
Sneader took over the reins of McKinsey because it was battling the consequences of the South African corruption scandal and moved quickly to improve internal risk control, more selectively choose which customers to accept, and apologize for what he said was arrogant or irresponsible. “.
However, other crises ensued, including devastating headlines about its work from Saudi Arabia to Russia, and most notably, the revelation of its recommendations to “speed up” sales. Purdue Pharmaceuticals, A central pharmaceutical manufacturer U.S. opioid addiction crisis.
McKinsey Pay $619 million Earlier this year, in order to settle claims made by 50 states, five territories and the District of Columbia for their opioid work.
Some senior partners have been pushing for broader changes initiated by Snyder. But others were dissatisfied with his apology, the greater oversight he imposed on traditional decentralized companies, and the amount he agreed to pay to settle allegations against it, which eroded their share of profits.
Sneader tried to get McKinsey to refocus on its founding value of “absolute integrity.” However, during his tenure, the company paid record fees and fines, including a $15 million settlement with the U.S. Department of Justice on its undisclosed claims. Conflict of interest In bankruptcy cases.