HONG KONG 21 Oct. (Reuters) – Goldman Sachs Group Inc. has appointed Veteran Bank Todd Leland as Asia Investment Bank Head, a person with knowledge of the matter said Sunday and adds management changes to the bank since CEO David Solomon took over this month.
In the new role, Leland, an American who came to Goldman in 1992, will replace Andrea Vella and Kate Richdale as head of Asia Investment Bank Unit, except Japan. Vella and Richdale were appointed as co-managers of the unit in 2015.
Vella and Richdale will remain in Asia to become a chair in the unit, said the person who refused to be named as the move has not been made public yet.
A spokeswoman for Goldman refused to comment.
Leland was appointed co-chairman of the Asia Pacific Bank, with the exception of Japan last September, after he had previously worked in London for 1
He takes over at a time when China's aggressive outbound push for mergers and acquisitions has slowed down this year during a growing trade war with the US, and weaker markets are expected to weigh on the appetite for new equity offerings.
In the first nine months of 2018, Goldman's revenue in Asia, the smallest of its three regions, rose 9 percent to 3.9 billion dollars. Asia's share of group sales fell by 1 percentage point to 14 percent during that period, its application showed.
Richdale, a fluent Mandarin speaker with experience in Southeast Asian dealmaking, joined Goldman from Morgan Stanley in March 2013.
Before taking over the leadership role in Asia, Vella had been co-responsible for the funding group in the region since January Prior to this he was the leader of credit capital markets in Asia, with the exception of Japan.
Among other management changes since Salomon was appointed CEO, Goldman called ahead of Dan Dees, who is the head of the Technology, Media and Telecom Investment Bank Group globally, as Investment Bank Director.
Dees will share his new title with Gregg Lemkau and Marc Nachmann.
Dees campaign came about one week after Goldman lifted the former investment bank assisted John Waldron as president and chief executive officer and called Stephen Scherr as new CFO.
Wall Street Journal first reported Asia leadership changes on Goldman on Saturday. (Reporting of Sumeet Chatterjee; Editing Christian Schmollinger)