The moves comes several months after he was ousted from the top job at consulting firm McKinsey.
Goldman Sachs has appointed Kevin Sneader as co-president of Asia ex-Japan, based in Hong Kong, the firm announced on Wednesday.
In his new role, Sneader will work alongside co-head Todd Leland to develop Goldman Sachs’ client franchise and its strategic growth plan. He is familiar with the region, having been based in Hong Kong from 1996 to 1998 and again from 2014 to 2020.
McKinsey Departure
The 54-year-old Scot spent 32 years at McKinsey but stepped down in July – becoming the first managing partner since 1976 to serve only one three-year term – after being voted out by senior partners.
He was appointed as global managing partner of McKinsey in 2018, and had to deal with the fallout from a corruption scandal in South Africa. His response was try to strengthen internal risk controls and to be more selective about which clients the firm takes on, but senior partners were divided over his actions – some did not welcome the greater oversight, while others felt he did not go far enough, according to the «Financial Times.»
During his tenure, McKinsey also had to pay $573 million in restitution for playing an active role in the opioid epidemic ravaging the U.S., and shelved plans to build a research department for investment banks after evidence of misconduct was found among its staff.
Rebuilding Reputation
Sneader already has his work cut out for him – the bank is seeking to rebuild its reputation in Asia after paying almost $3 billion over its role in the 1MDB scandal.
«The Asia Pacific region continues to represent exciting growth opportunities for Goldman Sachs,» David Solomon, chairman and CEO, said in a statement.
