Goldman Hires Morgan Stanley Investment Banking Head

Morgan Stanley HQ

Goldman Sachs has hired Kate Richdale from Morgan Stanley to head investment banking services for Asia excluding Japan as the Wall Street firm looks to strengthen client relationships in the region.

The 13-year Morgan Stanley veteran will be responsible for covering clients, according to a memo obtained by Bloomberg News.

Richdale, who was head of investment banking for Asia-Pacific at Morgan Stanley, was also made a partner at Goldman Sachs, according to the document. Edward Naylor, a Hong Kong-based spokesman at the bank, confirmed the memo’s contents.

Richdale’s departure follows Morgan Stanley’s deferral of bonuses for some senior bankers and traders over three years, a person briefed on the matter said in January. Goldman Sachs paid employees more in 2012 than the previous year on average, as revenue surged 19% and it cut staff by 3%.

She will report to Dan Dees and Matthew Westerman, Goldman Sachs co-heads of investment banking for the region, according to the memo. Tim Leissner, former Asia head of investment banking services, was promoted to vice chairman of investment banking for the region, Naylor said.

Hit the link below to access the complete Bloomberg article:

Goldman Hires Morgan Stanley Asia Banking Head Kate Richdale

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