• News Desk

GOLDMAN SACHS HIRES FORMER EU CHIEF BARROSO


Goldman Sachs has hired former European Commission President Jose Manuel Barroso to be an advisor and non-executive chairman of its international business, the U.S. bank said on Friday, as it grapples with the fallout from Britain's exit from the European Union.Barroso served as president of the commission, the EU's executive arm, from 2004 to 2014 and was prime minister of Portugal from 2002 to 2004, Goldman said in a statement.Goldman Sachs and other U.S. investment banks are seen as particularly vulnerable to Brexit since they rely on the EU's "passporting" regime that allows them to offer services across the bloc while basing most of their staff and operations in the UK. Banks have warned that if their British outposts lose their "passports" they will have to move some employees and business units to alternative bases in the EU.

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