The co-head of mergers and acquisitions at Goldman Sachs is to leave the controversial US investment bank after 24 years with the firm.
Morrocan born Yoel Zaoui has dealt with some of the highest profile deals in Europe, including the steel-making group Mittal's takeover of arch rival Arcelor in 2006.
There are no plans to replace Zaoui; the other co-head of the division, Gene Sykes will take full responsibility for mergers & acquisitions (M&A) from New York
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Zaoui's retirement comes after the departure of two other senior executives in the M&A team, Luca Ferrari and George Matteson. It's thought he may still advise Goldman on individual deals from time to time.
There have been eyebrows raised at staffing "churn" at senior levels within Goldman of late, especially in light of the now infamous resignation letter written by equity derivatives executive Greg Smith.
However, in an organisation as vast as Goldman (33,000 employees) it is not altogether surprising that some at the top may choose to leave. One suspects Zaoui may not need a gold watch as a send off gift though.
BS
-
Who is the richest person in the world?The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
-
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
