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Goldman Sachs has hired ex-McKinsey executive Kevin Sneader to serve as the bank’s co-president in Asia-Pacific, months after he was ousted from the global consulting firm.
“As the region continues to experience significant transformation and growth, Kevin will work . . . to continue to develop Goldman Sachs’ client franchise and execute our growth initiatives locally,” Goldman chief executive David Solomon told staff in a memo seen by the Financial Times.
In his new role, Sneader will help manage Goldman’s day-to-day operations in the region, including China, where Goldman recently won approval from regulators for a wealth management joint venture with ICBC, one of China’s largest banks.
Sneader will be based in Hong Kong beginning in November and report to Richard Gnodde, chief executive of Goldman Sachs International.
Sneader, who was born in Scotland, was based in Hong Kong as McKinsey’s Asia-Pacific chair for four years before being elected in 2018 as global managing partner. He helped to establish McKinsey as the largest of the global consulting firms in China and across a region that the industry still sees as one of its most promising sources of growth.
Sneader failed to win re-election as McKinsey’s global managing partner in February, becoming the first person in that role to serve just one three-year term since 1976.
The vote by the firm’s 650 senior partners was seen as a referendum on Sneader’s handling of several crises, including US litigation over the consultancy’s advice to opioid manufacturers and its work in autocratic countries.