Goldman Sachs yesterday named Yoël Zaoui as sole head of investment banking in Europe as part of a management reshuffle aimed at improving leadership clarity.
Mr Zaoui, who is advising Mittal on its hostile bid for Arcelor, was previously co-head of investment banking in Europe alongside Chris French, Matthew Westerman and Addy Loudiadis.
Goldman ranks fifth in European mergers & acquisitions with $233 billion (€181 billion) in deals, compared with second in the same period last year, according to Thomson Financial, the data provider. In European capital markets, Goldman ranks first with 18 deals worth $9.7 billion, while it occupies twelfth position with $12.9 billion for European syndicated loans.
The reorganisation comes a month after Hank Paulson, Goldman's chairman and chief executive, told bankers that principal investment funds should not be used in hostile situations. The warning came after Goldman participated in consortia that made unsolicited approaches to UK companies including ITV, Associated British Ports and BAA. Goldman said the reorganisation was unrelated to the warning.
Mr French will now become chairman of European investment banking and will continue in his role as head of investment banking services. He will take sole responsibility for the marketing of advisory and financing products across Europe.
Mr Westerman will continue as sole head of the European financing group, with responsibility for equity and debt capital markets, derivatives, pensions and leveraged and structured finance. Ms Loudiadis left the bank in April to go on a sabbatical. Goldman said the changes were designed to streamline responsibilities and improve client relationships.
Last year the bank merged its financing division, which specialises in underwriting debt, with its investment banking department.
Mr Zaoui, Mr French and Mr Westerman will retain their positions on Goldman's European management committee and the investment banking operating committee.
