Goldman Sachs recruits ousted McKinsey boss Kevin Sneader as Asia’s top job

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Goldman Sachs Group Update

Goldman Sachs has hired former McKinsey executive Kevin Sneader (Kevin Sneader) as co-president of the bank’s Asia Pacific region. He was ousted by the global consulting firm a few months ago.

“As the region continues to undergo significant transformation and growth, Kevin will continue to work… Continue to develop Goldman Sachs’ client franchise and execute our growth plan locally,” Goldman Sachs CEO David Solomon read in the Financial Times Told employees in a memo.

In his new position, Sneader will help manage Goldman Sachs’ daily operations in the region, including China. Goldman Sachs recently won Regulators approved the establishment of a wealth management joint venture with Industrial and Commercial Bank of China, one of China’s largest banks.

Sneader will be based in Hong Kong in November and will report to Richard Gnodde, CEO of Goldman Sachs International.

Sneader was born in Scotland and served as the chairman of McKinsey Asia Pacific in Hong Kong for four years before being elected as a global managing partner in 2018. With his help, McKinsey became China’s largest global consulting company, and the region is still regarded by the industry as one of the most promising sources of growth.

Snead failed to be re-elected as McKinsey’s global managing partner in February, becoming the first person to hold this position for only three years since 1976.

The vote of the company’s 650 senior partners was seen as a referendum on Sneader’s handling of several crises, including a US lawsuit against the consulting firm’s advice to opioid manufacturers and its work in authoritarian countries.

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