Reuters: Regulatory News: UPDATE 1-Goldman Sachs global M&A co-head Zaoui retires

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UPDATE 1-Goldman Sachs global M&A co-head Zaoui retires Apr 10th 2012, 16:25 Tue Apr 10, 2012 12:25pm EDT By Sarah White and Douwe Miedema LONDON, April 10 (Reuters) - Goldman Sachs 's co-head of global mergers and acquisitions Yoel Zaoui, a veteran dealmaker, is set to retire from the firm, the latest in a series of high profile bankers to leave their long-time employers. Zaoui, a one-time head of European investment banking who had been at Goldman for 24 years, will now become a senior director, according to an internal memo obtained by Reuters. Zaoui, who spent most of his career in London, had helped build up the bank's investment banking operations in Europe and worked on some key deals for the firm, Goldman Sachs said. He took on the global M&A co-head job last year. Goldman has already seen several high-profile departures this year, both from its advisory unit and from its lucrative trading division. These included David Heller and Edward Eisler, co-heads of the firm's securities business. In Europe, another senior M&A specialist, Luca Ferrari, also retired recently. The departures come amid reshuffles in the senior ranks at other investment banks, including Switzerland's UBS and Credit Suisse and France's Societe Generale . Bank of America Merrill Lynch recently lost one of its top dealmarkers, Andrea Orcel, to UBS, where he will help run the investment bank. Banks have been grappling with stricter regulations on capital, which is dampening revenues in their trading businesses, while battling rising costs, leading to layoffs and pay cuts. Many firms are revamping their strategies as a result, bringing about management changes, prompting many senior dealmakers to leave the industry, or take time out. Goldman has been among the firms making staff cuts recently Zaoui had decided to leave the firm after "24 years of outstanding service", according to the internal memo from Chief Executive Lloyd Blankfein and Chief Operating Officer Gary Cohn. He shared the role of co-head of global M&A with Gene Sykes. In his time at Goldman, Zaoui advised on many landmark deals, for instance helping Mittal on its hostile takeover of rival steel producer Arcelor, now ArcelorMittal Goldman Sachs declined to comment. Link this Share this Digg this Email Reprints

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