Top Goldman‎ executive to retire from Wall Street bank

The Goldman Sachs (Xetra: 920332 - news) executive co-ordinating its plans to deal with the UK's departure from the European Union is to retire after a 28-year career with the Wall Street bank.

Sky News has obtained a memo circulated within Goldman on Thursday announcing that Michelle Pinggera is to step down at the end of March.

‎She (Munich: SOQ.MU - news) will retain an advisory director role at the firm.

Her departure comes as international banks progress their contingency plans for the UK's exit from the EU following Theresa May's 'hard Brexit' speech earlier this week.

Goldman was one of the largest donors to the campaign to stay in the EU, writing a £500,000 cheque last year to Britain Stronger in Europe.

It has warned in US securities filings that some reorganisation of its Fleet Street, London-based operations is inevitable following the vote to leave.

Lloyd Blankfein, Goldman's chairman and chief executive, is among Wall Street bosses due to meet with Mrs May in Davos on Thursday.

Ms Pinggera is one of the most senior women in the City and has earned respect from both colleagues and competitors in a fiercely competitive industry.

As Goldman's international chief of staff, she has ‎played a leading role in dealing with UK regulators, as well as drawing up Brexit-related contingency plans which have yet to be finalised.

Goldman denied a report on Thursday by the German‎ newspaper Handelsblatt that as many as half of its 6,000 UK-based staff would relocate to Frankfurt.

Philip Hammond, the Chancellor, told an audience of business leaders in Davos that transitional arrangements aimed at minimising the disruption to sectors such as financial services would be critical.

In the internal note to staff, three Goldman executives including Richard Gnodde, who runs the bank's operations in Europe, praised Ms Pinggera's contribution.

"Michelle has taken the lead in managing some of the most critical reputational issues facing our firm in EMEA, effectively developing and communicating our strategy and engaging with both internal and external stakeholders.

"In her various roles, she has improved coordination and helped drive greater efficiency across regions and divisions, advancing our efforts to serve clients around the world.

"Throughout her career, Michelle has upheld the values of Goldman Sachs (NYSE: GS-PB - news) and served as a mentor to many of our people.‎"‎

Ms Pinggera's exit is not the only senior leadership change at Goldman in recent months.

Mike Sherwood, Mr Gnodde's former co-chief executive, announced recently that he was quitting‎, with some media reports speculating that his departure was connected to Goldman's relationship with Sir Philip Green, the former BHS owner.

Other reputational challenges have included a range of issues which have affected the wider banking industry, as well as public and political outrage over bankers' pay.

It was unclear from Goldman's memo what the succession plan was for Ms Pinggera's role.

‎Goldman declined to comment beyond the memo's contents.