Having populated most central banks with its alumni, Goldman is now aiming even higher.
Cross-posted from Zero Hedge
Having populated most central banks with its alumni, Goldman is now aiming even higher: right at sovereign governments, and on Monday morning, a spokesman for Germany’s finance ministry said that the co-head of Goldman Sachs in Germany, Joerg Kukies, will become deputy finance minister in the new German government.
According to Reuters, Kukies will be responsible for financial market policy and Europe in his new role, the spokesman said. In other words, with Mario Draghi – another Goldman alum – potentially resigning from the ECB, Goldman is loathe to give up its control on key European policy developments and has made its move.
Kukies served as the Managing Director of Goldman Sachs and served as its Co-Head of Germany since October 2014. Kukies oversaw the equities and fixed income division in Germany and Austria for Goldman.
As a result of his appointment, Kukies has resigned as co-head for German and Austria, a Goldman Sachs spokeswoman says in emailed statement. “Going forward, Wolfgang Fink will lead Goldman Sachs in the region as sole chief executive officer for Germany and Austria.”
Amusingly, not long ago on Goldman’s blog Kukies shared the following advice he would give his younger self:
- Train your replacement. It’s a counterintuitive concept, but by bringing up a colleague to take on your current responsibilities, you can move on to greater things more quickly.
- Be a salesperson. Regardless of your division, the quality of service that you provide to your internal and external clients is the single best predictor of your success over the next 10 years.
- Think long term. While the financial services industry can be characterized by constant change, you will find that many of the clients you serve today will still be your clients – but in more senior positions – five, 10 or 15 years from now.
- Look for potential. Every candidate that you interview today may become your best colleague – or your best client – tomorrow.
- Share your goals. Be thoughtful about your aspirations and ambitions. Take time to think about your career, and don’t keep your plans to yourself.
In becoming Germany’s second-most influential financial advisor, he clearly stuck to all five.