Business

The High Southeast Asia head of Goldman Sachs has announced his departure.

Harry Naysmith, the head of Goldman Sachs’ funding banking in Southeast Asia, has left the US-based financial services firm to join Citigroup. Naysmith would be the next vice-chairman of banking, capital markets, and advising for Southeast Asia, according to Bloomberg.

The CEO is said to have given notice of his departure last week, while both banks have declined to comment on the matter. Naysmith’s departure from Goldman Sachs coincides with the company’s intentions to expand its footprint in Southeast Asia. In addition, he faced a difficult moment for the bank when it received a foreign bribery penalty in the United States as a result of its role in the 1MDB fundraising fund controversy in Malaysia.

Goldman Sachs has been concentrating on strengthening the regional strategy with Singapore as its primary emphasis, focusing primarily on wealth management businesses. Udhay Furtado left the financial services firm as co-head of funding banking for Southeast Asia in September 2018 to join Citigroup to lead the firm’s equity capital markets division.

Goldman Sachs Q2 2021 Outcomes

Goldman Sachs released its results for the second quarter of 2021 in July. In the second quarter of 2021, the bank recorded $15.39 billion in online revenue, up 16 percent over the same period in 2020.

According to the findings, the financial institution’s funding banking division saw a 36 percent increase in internet revenues in the second quarter of 2021 compared to the second quarter of 2020. Goldman’s $3.61 billion in Q2 internet revenue includes $1.26 billion in financial consulting, $2.19 billion in underwriting, and $159 million in business lending.

In addition, the financial services firm took part in a Series D fundraising round led by Deserve, a US-based fintech firm, in which Mastercard was also a participant. Deserve is a digital-first, mobile-centric, highly flexible API and SDK-based bank card company founded by Kalpesh Kapadia, a former Chief Government Officer at Equanum Capital Administration. The company intends to use the available funding to accelerate its aim to update the bank card stack.

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