First it was David Viniar, rumored for so long to be Lloyd’s next logical replacement, who rode into the Goldman sunset. Now it is the turn of Goldman’s Vice Chairman, Michael Evans, one of the firm’s most senior execs and the person who many had expected would ultimately replace Lloyd Blankfein when it was time for succession at the firm that executes God’s will (net of 3-5% in commissions) to depart quietly into the night.
Goldman Sachs Group Inc Vice Chairman J. Michael Evans will retire from his position at year’s end and become a senior director, according to an internal memo viewed by Reuters.
Evans, 56, one of the most senior executives at Wall Street’s biggest investment bank, is global head of growth markets and played a key role in Goldman’s expansion into Asia. He was one of several executives said to be in the running to replace Chief Executive Lloyd Blankfein when he eventually retires.
“Michael’s commitment to the firm, his focus on our clients and his deep, global market knowledge have left an extraordinary record of contribution,” Blankfein and Chief Operating Officer Gary Cohn said in the memo, whose contents were confirmed by spokesman David Wells. a
Goldman’s confirming press release:
The Goldman Sachs Group, Inc. (NYSE: GS) announced today that J. Michael Evans, a vice chairman of Goldman Sachs and global head of Growth Markets, has decided to retire at the end of the year after more than 20 years at the firm. He will become a senior director upon his retirement.
“Michael’s deep commitment to the firm, his unrelenting focus on our clients and his broad global market knowledge have left an extraordinary mark at Goldman Sachs,” said Lloyd C. Blankfein, Chairman and CEO. “We particularly appreciate the role he played developing our client franchise across Asia, and his work co-chairing the Business Standards Committee, which was an unparalleled effort to review our business standards and practices. We are pleased that we will continue to benefit from his advice and counsel as a senior director.”
Evans joined Goldman Sachs in 1993 in the Investment Banking Division in London and was named a partner in 1994.
As global head of Equity Capital Markets, Evans was at the center of many privatizations in Europe and Asia Pacific in the 1990’s and went on to play an integral role in the success of the firm’s initial public offering in May 1999.
In 2001, he became co-head of the Equities Division, working in both New York and London. Two years later, Evans became global co-head of the Securities Division, where he helped cement our position as a leading market maker and underwriter to investors and companies globally.
In 2004, he relocated to Hong Kong as Chairman of Goldman Sachs Asia Pacific, a position he held for seven years. There, Evans helped shape our strategy and footprint, deepen our leadership bench and develop important client relationships.
Over the last three years, Evans was co-chair of the firm’s Business Standards Committee, where he helped oversee the most extensive review of the firm’s business standards and practices in its 144 year history. The Committee’s work resulted in significant changes in how the firm addresses important issues related to clients, reputational risk and accountability.
Evans was named a vice chairman of Goldman Sachs in 2008. In 2011, he was named global head of Growth Markets, responsible for driving our strategy, resource allocation and many client relationships across the firm in these important markets.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
With that we hope that at least one of the people selling stocks to the hypnotized masses who can’t wait to BTFATH has been identified.
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/vxOOGaJkqsg/story01.htm Tyler Durden