New Leadership at Goldman Sachs International
A significant shift is underway at Goldman Sachs International (GSI), the London-based branch of the Wall Street bank. Anthony Gutman, a seasoned banker with a storied career, has been appointed co-chief executive of GSI, alongside Kunal Shah. This promotion comes despite Gutman’s involvement in the controversial sale of BHS nearly a decade ago.
A Controversial Past
In 2016, Gutman faced intense scrutiny from MPs over his role in the BHS sale. The retailer was sold by Sir Philip Green’s Arcadia retail empire to a group led by Dominic Chappell, a businessman with a history of bankruptcies. The subsequent collapse of BHS resulted in the loss of 11,000 jobs and a £571m black hole in the pension scheme. Although Goldman Sachs declined to advise Sir Philip on the sale due to its small size, Gutman’s informal discussions with Arcadia’s finance director, Paul Budge, drew attention.
Rise to Prominence
Despite this controversy, Gutman’s career has continued to thrive. Last year, he worked on several high-profile deals, including the £5.8bn sale of FTSE 100 giant DS Smith and Aviva’s £3.7bn takeover of Direct Line. Notably, Goldman’s role in the latter deal raised eyebrows, as the bank had previously advised Direct Line before switching sides to work for Aviva.
New Leadership Structure
Gutman and Shah will share responsibilities for running GSI, replacing Richard Gnodde, who will become a vice chairman at the bank. Gnodde has led GSI since 2006, sharing responsibility as co-chief executive with former trader Michael Sherwood for a decade. Sherwood, who also faced scrutiny over his links to the BHS sale, left the bank in 2016.
Broader Reshuffle
This leadership change is part of a larger reshuffle across the bank, signaling a new era for Goldman Sachs International. As the bank navigates the complex landscape of global finance, Gutman and Shah will play critical roles in shaping its future direction.
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