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February 1, 2008

Goldman Loses Further Executive

by Stewart Douglas

Story link: Goldman Loses Further Executive

Investment bank Goldman Sachs has today lost its second high profile banking executive of the last few weeks in the shape of China unit banker Richard Ong, in a move that will see the company lose a highly experienced and well respected senior employee.

Richard Ong has today resigned from his post as co-president of the firm’s Asian (excluding Japan) investments division  within the Beijing office, but has agreed to remain contracted in an advisory capacity despite his new full time position within his growing family business.

Formerly joint head of the Singapore investments branch, Ong has served at Goldman for some fifteen years, forging long-term client relationships and improving investment returns across both of his major roles within the company, hence his decision to resign has been seen as a major blow for Goldman Sachs in what are already difficult times for the investment industry.

Goldman Sachs have today refused to comment on Mr Ong’s departure, although sources close to the company have said that it is likely the search for an internal candidate to replace Ong will begin over the course of the coming weeks following the preparation of initial candidate shortlists.

Whilst Goldman Sachs has managed to stave off the worst of the sub-prime woes, it is nevertheless continuing to feel exposure to the fallout from the sector collapse in the form of tightening lending and financing terms and a more risk-centric investment environment, making for a disastrous time to be losing high ranking staff.

The move comes hot off the heels of the departure of key Chinese executive Fang Fenglei back in December, who had lead the firms Chinese division since its conception some three years ago.

 

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