Goldman Sachs Japan chief to retire at year end

Goldman Sachs Japan chief to retire at year end

Reuters: TOKYO – An internal memo seen by Reuters says that Masanori Mochida, president of Goldman Sachs Japan, has chosen to retire at the end of the year. He has worked at the investment bank for more than 38 years.

In an internal letter from Sunday, Goldman (GS.N) CEO David Solomon said that Mochida would be promoted to senior director, but he did not say who would take over as president after him.

Mochida, who is 68 years old, started working at Goldman Sachs in 1985 as an associate in the corporate finance department. He came from Dai-ichi Kangyo Bank in Japan, which was one of the three banks that came before Mizuho Bank (8411.T). In 1999, he was made co-branch manager of Goldman Sachs Japan.

Mochida, who is also on Goldman’s management committee, is credited with making the US investment bank much bigger in Japan. He oversaw many big deals, such as the government’s sale of Nippon Telegraph and Telephone (9432.T) shares.

“Masa has served as an invaluable advisor to our most important clients across Japan and beyond on countless transactions, helping them advance their strategic objectives with Goldman Sachs at their side,” the memo stated.

The Financial Times was the first to report that Mochida was leaving the bank last week. They said that he was planning to leave at some point in 2024.

But, it said, that process had been sped up in the past few days because of rising concern within the bank that it needs new leadership in Tokyo as competition for deals with rival US investment banks heats up.



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