L. Brooks Entwistle, Goldman Sachs (GS:US) Group Inc.’s chairman for Southeast Asia, is retiring after two decades at the New York-based bank, according to an internal memo obtained by Bloomberg News.
Entwistle, 45, will retire at the end of the year and become an advisory director, according to the memo. He set up Goldman Sachs’s wholly-owned India business in 2006 and remained country head until early 2011 when he moved to Singapore for the current role. Entwistle joined the bank in 1989 as an analyst and was named partner in 2008, the document shows.
Connie Ling, a Hong Kong-based spokeswoman at the bank, confirmed the contents of the memo and declined to elaborate.
Goldman Sachs ranks second in advising mergers and acquisitions in Southeast Asia this year, trailing only Morgan Stanley, according to data compiled by Bloomberg. It ranked fifth during the same period last year, the data show.
An increasing number of senior executives are leaving investment banking as compensation in the industry falls. Goldman Sachs’s Yusuf Alireza, who was co-president of operations for the Asia-Pacific region outside Japan, left late last year. A month later Mark Machin, the bank’s vice-chairman for the region also departed.
Alireza is now chief executive officer of Hong Kong-based Noble Group Ltd., while Machin heads the Asia-Pacific unit of Canada Pension Plan Investment Board. Gaby Abdelnour, CEO of JPMorgan Chase & Co. (JPM:US)’s Asia-Pacific business left that bank earlier this year to pursue personal interests.
Goldman Sachs, which is scheduled to announce its new class of partners next week, has 407 members of that group, 31 fewer than nine months ago, according to a company filing.
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