Goldman Sachs Chairman Resigned

Resignation of banker banking hit the United States (U.S.). The latest is Henry Cornell, Vice Chairman of Goldman in charge of merchant-banking business as well as the architect of this division. Cornell resigned after 30 years with the bank giant Uncle Sam.

56-year-old Cornell will no longer be listed in Goldman by the end of 2013. The plan is delivered through a memo to a number of bank employees. Andrea Raphael, Goldman spokesman confirmed the contents of the memo.

"He has played an important role in the business success of our global merchant-banking that has existed since 1992," wrote Richard A. Friedman, Head of Merchant Banking, based in New York.

Keep in mind, Cornell joined Goldman Sachs in 1984 and moved to Tokyo as head of real estate in Asia four years later. He moved to Hong Kong in 1992 and established a merchant-banking business in Asia.

Under Cornell's leadership, Goldman Sachs managed to invest in several companies such as Ping An Insurance (Group) Co., Beijing Oriental Plaza Co., Sanyo Corp., Kookmin Bank, Hana Bank, and Industrial & Commercial Bank of China Ltd (ICBC). He returned to New York in 2000.