Goldman Sachs reportedly names Paul Camp as new head of transaction banking
Goldman Sachs has hired Paul Camp as the new head of its transaction banking business, according to a report by Reuters.
Paul Camp hired as head of Goldman Sachs transaction banking
The move comes after reports from Reuters and Bloomberg back in September that the bank had fired a string of executives from the unit, including former head Hari Moorthy, after reported violations of its communications policy.
In the wake of Moorthy’s departure, the bank instated its global treasurer, Philip Berlinski, to lead the business in the interim, alongside Akila Raman as chief commercial and strategy officer and Luc Teboul as partner.
Now appointed as the unit’s head, according to an internal memo seen by Reuters, Camp is to take over the day-to-day management of the business with assistance from Raman and Teboul, with the leadership group reporting directly back to Berlinski, who will return to his former positions of global treasurer of Goldman Sachs and CEO of Goldman Sachs Bank USA.
Prior to joining Goldman Sachs this month, Camp served as head of global treasury management at Wells Fargo, and was also previously CEO of treasury services at BNY Mellon.
He will be tasked with further establishing the business unit for the Wall Street bank, which this year has continued its migration away from retail banking.
Notably, this migration includes the sale of both its personal financial management business and the fintech lender GreenSky.
More recently, speculation has swirled that US tech titan Apple is looking to end its credit card and savings account partnership with Goldman Sachs after five years in motion, while reports in November suggested the firm was looking to sell its credit card programme with General Motors to a new issuer.
