(6 May 2016 – Asia) Goldman Sachs has announced that one its most senior bankers in Asia has returned to London.
Richard Campbell-Breeden was Goldman Sachs’ vice-chairman of investment banking and chairman of mergers and acquisitions for Asia Pacific excluding Japan.
Campbell-Breeden will focus on senior client coverage for Europe, the Middle East and Africa, a statement from the bank said. There are no plan to fill the vacated Asia roles.
While the bank cited personal reasons for the departure, investment banking rivals are experiencing wide reaching cutbacks though-out the region.
Barclays closed its cash equities division in Asia and lost an M&A co-head earlier this year. Globally, Credit Suisse said in March that it would cut 2,000 investment banking jobs.
Globally, Goldman Sachs’ investment banking business has been affected by volatile markets, with the bank’s net profit more than halving in the quarter. Last month, the bank reported that revenues from investment banking dropped 23 percent to US$1.46 billion (A$1.9 billion).
Additionally, key personnel at the bank have been targets for Chinese technology firms including Ant Financial and ecommerce giant Tencent.