Goldman Sachs Asia chairman to step down

State of New York: Goldman Sachs is losing an architect of its Asia-Pacific division at the same time it confronts slowing activity in the region and a probe over its dealings in Malaysia.

Mark Schwartz, 62, has decided to retire from his post as chairman of Goldman Sachs Asia Pacific, according to a memo Monday from chief executive Lloyd Blankfein and president Gary Cohn reviewed by AFP.

Beijing-based Schwartz, a 27-year Goldman veteran, will leave his post at the end of 2016. He will serve as a senior director at Goldman following his departure from China.

Schwartz played an "instrumental role" in building Goldman`s business in Asia, as chairman of Goldman Sachs Asia Pacific in Tokyo in the late 1990s and reprising the role again in 2012 from Beijing, said the memo.

Facing a slowdown in initial public offerings and merger advisory in Asia, Goldman plans to cut 30 percent of its staff throughout the region with the exception of Japan, a person familiar with the plan told AFP last month.

Goldman`s Asia operations have also been tainted by its work with Malaysian state investment fund 1MDB, which is enmeshed in a political scandal over allegations that billions of dollars were looted in an audacious campaign of fraud and money laundering.

lo-jmb/pmh