Goldman Sachs has named FX de Mallmann its new chairman of investment banking, promoting the firm’s long-time London-based dealmaker to a role alongside its other major European rainmaker, Karen Cook. The move comes as part of a broader reshuffle of investment banking at Goldman on Monday, with Gregg Lemkau and Marc Nachmann being appointed to new roles as co-heads of the investment banking division alongside John Waldron.
P2P lending was conceived to directly connect borrowers with individual lenders, bypassing banks. But the sector has rapidly evolved as institutions such as hedge funds and other large investment companies went to great lengths to get their hands on the best loans—to the extent that now, more than 60 per cent of the industry's loans are purchased by institutions. Lending Club and Prosper, two of the largest operators of P2P loan platforms, are now tackling the growing institutional interest.
On Monday, Olsen paid the price for Lafarge's subsequent decision to keep its Syrian cement plan operating as the country descended into chaos and civil war. His resignation with effect from July as chief executive of LafargeHolcim - a post he assumed after Lafarge's merger with Switzerland's Holcim in 2015 - was the culmination of a growing controversy over dealings via intermediaries with armed groups and the safety of local staff.