* Yusuf was promoted to head Asia-Pac in January
* David Ryan now sole president of the region
* Yusuf joined Goldman in 1992 in fixed-income research
HONG KONG, Nov 11 Goldman Sachs'
Asia Pacific co-head Yusuf Alireza is retiring from
the investment bank after 19 years, according to an internal
memo, with David Ryan becoming the region's sole president.
Yusuf, who was made a partner in 2004, was promoted to
co-head of Asia-Pacific ex-Japan earlier this year and had
previously run the bank's securities division in Asia, the memo
A Goldman spokesman confirmed the contents of the
Yusuf joined Goldman in 1992 in the Fixed Income Industry
Research Group in New York, and worked in London before moving
to Hong Kong in 2008, the memo said.
Asia accounted for about 12 percent of Goldman's global
revenue in the first nine months of this year, down from about
19 percent during the same period in 2010, according to the
bank's third-quarter earnings report.
Goldman reported its second quarterly loss as a public
company last month as its investment portfolio lost billions of
dollars in value.
Other banks that have a co-head structure in Asia include
Morgan Stanley, which is run by Bill Strong and Wei
Christianson in the region.
Citigroup also had two Asian heads until Steve Bird
was promoted to become sole CEO of the region earlier
this month, with Shirish Apte becoming chairman.