Goldman Sachs is said to be about to lose its Asia-Pacific Chairman. The move comes against a background of slowing activity in the region and an ongoing probe over its dealings with Malaysian fund 1MDB.
According to several media reports Mark Schwartz, has decided to retire from his post as chairman of Goldman Sachs Asia Pacific.
Schwartz a 27-year Goldman veteran, who is based in the Chinese capital Beijing,will leave his post at the end of 2016. He will then serve as a Senior Director at Goldman following his departure from China.
Business Slowdown and 1MDB
Schwartz has been credited with playing a significant part in building Goldman Sachs business in Asia, as chairman of Goldman Sachs Asia Pacific in Tokyo in the late 1990s and again in 2012 from China.
finews.asia recently reported that with a slowdown in initial public offerings and merger advisory in Asia and pressure to improve returns to shareholders, the bank could purge up to 30 percent of its investment bankers in Asia.
Drawn Into the 1MDB Vortex
Goldman’s Asian operations have also been drawn into the 1MDB vortex, former high profile Goldman's banker Tim Leissner relocated to Los Angeles from Singapore and subsequently left the bank. It was thought that Leissner was influential in assisting Goldman Sachs win a series of bond deals for 1MDB.
