Goldman Sachs' Europe co-head Sherwood quits company

A Goldman Sachs executive tipped as a potential successor to current chief executive officer Lloyd Blankfein has quit his position as co-head of the bank's European operations.

Michael Sherwood is leaving the US investment bank after a successful career in the company which spanned three decades, and saw him rising to become one of the highest earners in the business.

Sherwood will remain at the company for the next six months while a handover takes place, as Richard Gnodde, the other co-head of Goldman's European business, will take sole control of the entity.

The outgoing executive had been facing pressure from the company after its involvement in advising British Home Stores chief Sir Philip Green during his sale of the firm, according to the Financial Times.

Green sold BHS to a Dominic Chappell-led consortium around a year before its collapse in April.

However, Sherwood told the FT that his decision was not affected by any fallout from actions taken during the BHS case.

"It is one blip in a 30-year career and it really played no part in my decision," Sherwood said.

"I've been talking to Lloyd since well before that about what I want to do next," he told the Financial Times. "He has spent most of his time trying to persuade me to stay."

Sherwood earned a salary of $21m in 2015, and the investment bank revealed last week that he had sold $184,810 worth of shares in Goldman.

He also expressed regret about Britain's decision to leave the European Union, saying that it posed challenges for the company and for other big business operations.

"As far as Brexit is concerned, I wish that hadn't happened. As you know we were very much in the Remain camp."

"We will readjust, we will have to do what we want. I hope it will be favourable to the UK and we are able to keep a lot of people here."