Tuesday 19 February 2019 4:18 pm | Updated: Monday 03 June 2019 12:42 am

Goldman Sachs Asia Pacific chief executive to retire this year

Goldman Sachs’ Asia Pacific chairman and chief executive Ken Hitchner is retiring from the company.

Hitchner will remain in the Hong-Kong based role, which covers the entire region excluding Japan, until mid-2019, Reuters said citing a source familiar with the matter.

He was president of the Asia Pacific region between 2013 to 2017 and joined the firm in 1991. He was previously a lieutenant commander and naval aviator in the US Navy.

Hitchner’s retirement comes as the investment bank’s units in Singapore, Hong Kong and the UK have been hit with charges connected to a money laundering and corruption investigation in Malaysia.

Malaysian authorities published a charge sheet in December naming London-based Goldman Sachs International, Goldman Sachs (Singapore) PTE and Hong-Kong based Goldman Sachs (Asia) LLC as they investigate three bond offerings raised by the bank and others for state investment fund 1Malaysia Development Berhad (1MDB).

“Having held themselves out as the pre-eminent global adviser / arranger for bonds, the highest standards are expected of Goldman Sachs,” the charge sheet said.

“They have fallen far short of any standard. In consequence, they have to be held accountable.”

Goldman Sachs said it would “vigorously contest” the charges.

Former Goldman bankers Tim Leissner and Roger Ng, former 1MDB employee Jasmine Loo and the fugitive financier known as Jho Low were also included in the charges.