Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Goldman lures former Bank of England chief Fried as next international chair

Goldman lures former Bank of England chief Fried as next international chair

Sir Bradley Fried will replace Jose Manuel Barroso, the former European Commission president, as chairman of Goldman Sachs International in February.

The former head of the Bank of England's governing body is to chair the bulk of Goldman Sachs' operations outside the US - one of the most influential jobs at the Wall Street titan.

Sky News has learnt that Sir Bradley Fried, who stepped down as chair of the Court of the Bank of England only six months ago, will be announced next week as the new chairman of Goldman Sachs International (GSI).

Sir Bradley will replace Jose Manuel Barroso, the former European Commission president, whose appointment to the role at the world's most prominent investment bank in 2016 ignited a firestorm in Brussels.

Mr Barroso will become chair of Goldman Sachs International Advisors in February, where he will advise the firm's executives on global strategic issues.


Jose Manuel Barroso

Sources said that Sir Bradley's appointment as chairman of GSI would be subject to regulatory approval, although his appointment as a board director would not require such approval.

As a former non-executive director of the Financial Conduct Authority, he will bring a substantial volume of financial services regulatory expertise to Goldman.

The bank's London base employs about 6,000 people, which is broadly comparable to the size of its pre-Brexit workforce.

Goldman has, however, increased its headcount on the Continent since Mr Barroso was appointed as GSI chair in 2016.

Like many banks, Goldman has been obliged by the European Central Bank to relocate many functions previously performed in London to European Union countries.

Goldman Sachs offices in central London


Sir Bradley's appointment comes during a period of profound change at Goldman, with chief executive David Solomon under pressure to deliver an improvement in its profitability.

It was reported this week that Mr Solomon was preparing to cut as many as 4,000 jobs, or about 8% of its global workforce.

On Saturday, it was unclear how many of those prospective redundancies might affect its UK-based operations.

Goldman shares have performed poorly this year, having fallen almost 10%, even as many banks are seeing their valuations bolstered by rising interest rates in major economies.

Assuming his appointment is approved by regulators, Sir Bradley will take over as chairman of GSI at the beginning of February.

He was previously chief executive of Investec Bank, a partner at McKinsey, the global management consulting firm, and was a co-founder of Grovepoint Capital, a private investment firm.

Sir Bradley, who was replaced as chair of the Bank of England Court by David Roberts, is also a governor of the London Business School.

Among his longer-term assignments at GSI is likely to be working with a new chief executive of the division.

Richard Gnodde, the current CEO, has held the role either solely or in a joint capacity since 2006, and is one of the City's most senior figures.

Earlier this year, Todd Leland, another Goldman veteran, was named president of GSI, potentially putting him in the frame to succeed Mr Gnodde.

A spokesman for Goldman Sachs declined to comment this weekend.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
Italy Faces Population Decline Amid Youth Emigration
Trump Accuses China of Violating Trade Agreement
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Russia Accuses Serbia of Supplying Arms to Ukraine
Gerry Adams Wins Libel Case Against BBC
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
EU Majority Demands Hungary Reverse Anti-LGBTQ+ Laws
Top Hotel Picks for 2025 Stays in Budapest Revealed
Iron Maiden Unveils 2025 Tour Setlist in Budapest
Chinese Film Week Opens in Budapest to Promote Cultural Exchange
Budapest Airport Launches Direct Flights to Shymkent
Von der Leyen Denies Urging EU Officials to Skip Budapest Pride
Alcaraz and Sinner Advance with Convincing Wins at Roland Garros
EU Ministers Lack Consensus on Sanctioning Hungary Over Rule of Law
EU Nations Urge Action Against Hungary's Pride Parade Ban
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
U.S. Considers Withdrawing Troops from Europe
Russia Deploys Motorbike Squads in Ukraine Conflict
Critics Accuse European Court of Human Rights of Overreach
Spain Proposes 100% Tax on Non-EU Holiday Home Purchases
German Intelligence Labels AfD as Far-Right Extremist
Geert Wilders Threatens Dutch Coalition Over Migration Policy
Hungary Faces Multiple Challenges Amid EU Tensions and Political Shifts
Denmark Increases Retirement Age to 70, Setting a European Precedent
Any trade deal with US must be based on respect not threats', says EU commissioner
UK Leads in Remote Work Adoption, Averaging 1.8 Days a Week
Thirteen Killed in Russian Attacks Across Ukraine
High-Profile Incidents and Political Developments Dominate Global News
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
×