Top Goldman Sachs dealmaker Zaoui to retire

Tue Apr 10, 2012 1:44pm EDT
 
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By Sarah White and Douwe Miedema

LONDON (Reuters) - Veteran Goldman Sachs (GS.N: Quote) dealmaker Yoel Zaoui is set to retire, the latest in a series of high profile departures from investment banks shaking up top management in the wake of the financial crisis.

Zaoui, a Moroccon-born Frenchman, had been with the company for 24 years and would now become senior director - an honorary title - according to an internal memo obtained by Reuters. The bank confirmed the contents of the memo.

Taught at one of France's elite business schools, Zaoui moved to London in 1989 and had been "one of the pioneers" of Goldman Sachs's European operations, the bank said, securing a long list of key deals for the firm.

One of his best-known deals was advising Mittal Steel in its hostile takeover of rival Arcelor in 2006, a deal that pitched him against his brother Michael, who had a similar role at Morgan Stanley, and was advising Arcelor.

Goldman has 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 mergers and acquisitions (M&A) banker, Luca Ferrari, also retired.

The departures come amid a shake-up in the senior ranks at banks across Europe, including Switzerland's UBS UBSN.VX and Credit Suisse CSGN.VX and France's Societe Generale (SOGN.PA: Quote).

Andrea Orcel, one of Bank of America Merrill Lynch's (BAC.N: Quote) top dealmakers, and one of the architects of the three-way split-up of Dutch bank ABN AMRO in 2007, recently jumped ship to UBS, where he will help run the investment bank.   Continued...