Goldman Sachs Asia chairman to step down

[NEW YORK] Goldman Sachs is losing an architect of its Asia-Pacific division at the same time it confronts slowing activity in the region and a probe over its dealings in Malaysia.

Mark Schwartz, 62, has decided to retire from his post as chairman of Goldman Sachs Asia Pacific, according to a memo Monday from chief executive Lloyd Blankfein and president Gary Cohn reviewed by AFP.

Beijing-based Mr Schwartz, a 27-year Goldman veteran, will leave his post at the end of 2016. He will serve as a senior director at Goldman following his departure from China.

Mr Schwartz played an "instrumental role" in building Goldman's business in Asia, as chairman of Goldman Sachs Asia Pacific in Tokyo in the late 1990s and reprising the role again in 2012 from Beijing, said the memo.

Facing a slowdown in initial public offerings and merger advisory in Asia, Goldman plans to cut 30 per cent of its staff throughout the region with the exception of Japan, a person familiar with the plan told AFP last month.

Goldman's Asia operations have also been tainted by its work with Malaysian state investment fund 1MDB, which is enmeshed in a political scandal over allegations that billions of dollars were looted in an audacious campaign of fraud and money laundering.

AFP