Goldman appoints new head of emerging markets
Michael Evans’ promotion emphasizes importance to growth prospects; Internal politics also plays a role
Goldman has created the position for Michael Evans, who is one of the leading contenders to succeed Lloyd Blankfein as chairman and chief executive
In a sign of the growing importance of developing countries at Goldman Sachs, the firm plans to appoint Michael Evans in a newly created position of global head of emerging markets.
In an unprecedented move, Evans’s remit includes all core businesses, such as investment banking and wealth and asset management, across the Goldman network.
Evans, who is chairman of Asia, as well as one of three vice-chairmen at the firm – posts he will keep – will run the emerging markets business from New York. Goldman created the position for Evans, who is one of the leading contenders to eventually succeed Lloyd Blankfein as chairman and chief executive.
With Goldman’s growth in the US slowing, the appointment lends credence to statements by executives that the emerging markets offer a big opportunity.
The question that is always raised against the bank is its commitment to these markets when the trading environment becomes more challenging.