Finance

Goldman Sachs promotes partner Hermann to board of European bank

Goldman Sachs has promoted a long-serving partner to the board of its European bank as the unit becomes more important for the US giant in the wake of Brexit.

Peter Hermann, a partner who co-heads Goldman’s operations in the Nordic region, has been promoted to the executive board of Goldman Sachs Bank Europe. He will take responsibility for global markets, consumer and wealth management and global investment research in the region.

Goldman is in the midst of expanding its headcount in the Nordic region by 40% this year to around 70 people, as the Wall Street bank continues to hire people on the continent and transfer senior bankers in an effort to be closer to European clients after the UK’s departure from the European Union.

READ Goldman Sachs bolsters European staff numbers by nearly 300 in wake of Brexit

Hermann joined Goldman Sachs in 2009 from the Royal Bank of Scotland to head up its Nordic pensions and insurance strategy group, and moved from London to Copenhagen in 2019 to co-head its Nordic region operation.

As well as the Nordic region, Goldman has been adding staff in Madrid and Paris, and has opened new offices in Milan and Stockholm. Goldman has added 295 people since December when the UK official left the EU, to the unit housing its European activities, its latest accounts show. Headcount has swelled from 212 people in 2019 to 851 as of March 2021.

Meanwhile, employee numbers at Goldman Sachs International, which includes investment banking and trading activities outside of the US including London, have dropped by 5% to 217 people, due to staff moving out because of its “Brexit strategy”.

To contact the author of this story with feedback or news, email Paul Clarke

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