Once-tipped future Goldman CEO to step down

Departure

Here's one guy out of the running to succeed Goldman CEO Lloyd Blankfein.

Goldman Sachs said J. Michael Evans, a vice chairman who ran emerging markets and was seen as a potential successor to CEO Lloyd C. Blankfein, is retiring after more than 20 years at the bank.

Bloomberg reports that Evans, 56, will step down at the end of the year and become a senior director, the New York-based company said today in a statement.

Evans ran businesses including the securities division, equity trading and equity-capital markets in a career that featured positions in New York, London and Hong Kong. In 2011, he was named to lead the emerging-markets units as part of Blankfein’s push to be 'Goldman Sachs in more places'.

'Michael’s deep commitment to the firm, his unrelenting focus on our clients and his broad global market knowledge have left an extraordinary mark at Goldman Sachs', Blankfein, 59, said in the statement.

Evans, one of four vice chairmen among the bank’s executive officers, led with E. Gerald Corrigan the business-standards committee, a group set up in 2010 to review policies and practices after Goldman Sachs was sued by the Securities and Exchange Commission for misleading investors on a 2007 sale of a mortgage-linked investment.

After that appointment, Evans was seen as a potential successor to Blankfein along with President Gary Cohn, the Financial Times wrote in 2010. Goldman Sachs paid Cohn 12% more than Evans’s $17m for 2012, the first time since the financial crisis that Blankfein’s deputies were given differing compensation.

To access the complete Bloomberg article hit the link below

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