Goldman’s Southeast Asia Investment Banking Chief to Quit (NYSE:GS)

Goldman Sachs (NYSE:GS) head of the investment banking division in Southeast Asia, Michael Smith, is leaving his job, Reuters reported on Tuesday, citing two people familiar with the matter. Singapore-based Smith is leaving the investment banking industry, Reuters said, citing the sources. His departure is not connected to staff cuts at Goldman’s Asian investment banking team, one of the sources told Reuters. The news service previously reported that Goldman is planning to cut 30% of its investment banking positions in Asia. The bank declined to comment on the job cuts to MT Newswires on Monday.

The stock increased 0.87% or $1.41 during the last trading session, hitting $162.89. About 2.60 million shares traded hands or 8.79% up from the average. Goldman Sachs Group Inc (NYSE:GS) has risen 11.91% since February 24, 2016 and is uptrending. It has underperformed by 0.02% the S&P500.

The Goldman Sachs Group, Inc. is a bank holding firm and a financial holding company. The company has a market cap of $64.91 billion. The Firm operates through four divisions: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. It has a 15.41 P/E ratio. The Company’s Investment Banking segment provides financial advisory services, which include advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs and risk management.

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