UK markets open in 5 hours 13 minutes

Former top Goldman Sachs banker officially joins Revolut

Oscar Williams-Grut
Senior City Correspondent, Yahoo Finance UK
Former Chancellor George Osborne and Michael Sherwood. (David M Benett/Getty Images)

Goldman Sachs’s (GS) former top man in Europe has joined the board of fast-growing fintech startup Revolut.

The company said on Wednesday that Michael Sherwood last week took up a position as non-executive director at the startup.

Sherwood, who is nicknamed Woody, spent three decades at Goldman Sachs. He was co-chief executive of the investment bank’s international arm until November 2016 and served as vice-chairman of the bank.

The Londoner was Goldman’s most prominent banker in Europe and was notably hauled before MPs in 2016 to answer questions on the bank’s role in the collapse of department store BHS. Sherwood retired from the bank shortly after and said he would focus on charitable activities.

Read more: Revolut beefs up executive team with ex-Goldman and Credit Suisse bankers

News of Sherwood’s appointment was first reported by Sky News in July 2019. Sky said at the time confirmation of the appointment could come within weeks. A spokesperson for Revolut declined to comment on the timing of the appointment when asked by Yahoo Finance UK this week.

Revolut on Wednesday also announced the appointment of veteran retail banker Ian Wilson as a non-executive director. Wilson has worked at RBS, Santander, Tesco Bank, and Revolut-rival Monzo. 

“As we continue to grow our offer and expand into new territories, having Michael and Ian’s vast experience and knowledge will be invaluable,” Revolut chief executive and cofounder Nik Storonsky said in a statement.

“Both are major assets to Revolut and our customers as we work to become the world’s first truly global bank.”

The appointments comes just over a week after Revolut confirmed it had raised $500m (£390m) in funding and been valued at $5.5bn.

Read more: Revolut raises $500m in funding, valuing London fintech at $5.5bn

London-headquartered Revolut was founded in 2015 as a foreign exchange card linked to an app. It has since branched out into everything from cryptocurrency trading to investing and has over 10 million customers globally.

The company has been beefing up its executive team and board over the last 12 months after after criticism of the company culture and reports of allegedly lax processes last year. The company has pushed back against the allegation and said that it is “growing up.”

Martin Gilbert, the former co-chief executive of Standard Life Aberdeen and co-founder of Aberdeen Asset Management, joined Revolut as chairman in January.