Goldman Sachs reshuffles investment banking arm

17 May 2011

The investment banking arm of Goldman Sachs has been reshuffled, it has emerged.

According to the Financial Times, the lender has shaken up its senior ranks in an effort to improve client relationships that have been damaged by its public confrontations with politicians and regulators in the aftermath of the economic downturn.

The action has seen London-based banker Richard Gnodde appointed as the US institution's third co-head.

Such moves are taking place in a bid to broaden the division's top layer of management and serve to reflect the bank's efforts to extend its presence outside the US, the newspaper noted.

The reshuffle should also highlight the increasing influence of the executives leading the effort, it added.

Earlier in the month, a survey conducted by Bloomberg found that 54 per cent of respondents - which included traders, analysts and investors - said they currently view Goldman Sachs in an unfavourable light.

By Asim Shah

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