The co-heads of Goldman Sachs International, Michael Sherwood and Richard Gnodde, said that Barroso had been hired for his understanding of Europe. Barroso, who was president of the European commission for 10 years until 2014, is becoming chairman of Goldman Sachs International – the bank’s UK and European operations – and will also be an adviser. While he was head of the commission, Barroso was at heart of the banking crisis and the ensuing fallout which gripped the eurozone. Barroso joins Goldman Sachs as the investment bank is not only tackling Brexit but is also facing questions about its involvement in BHS, the retailer that collapsed in April. José Manuel Barroso, the former Portuguese prime minister and one-time head of the European commission, has been hired by Goldman Sachs to help it deal with the fallout from the UK’s shock vote to leave the European Union.

Source: The Guardian July 08, 2016 15:10 UTC