Goldman Sachs has appointed Todd Leland, a senior executive in its Asia business, as the president of its international unit, reported Bloomberg News.

Leland was most recently co-president of Goldman Sachs in Asia Pacific ex-Japan (APEJ) and played a significant role in helping the firm make inroads in China.

In his new role, Leland will report to Goldman Sachs International chief executive Richard Gnodde. He will be based in London, where he previously worked as an investment banker for almost a decade.

Leland will also join Goldman’s European Management Committee.

Kevin Sneader will take over as the sole president of Goldman Sachs APEJ, Goldman chief executive David Solomon and president and COO John Waldron told the staffs in the memo.

A spokesperson for Goldman Sachs confirmed the contents of the memo.

Sneader, who joined Goldman Sachs’s Asian unit last year, was previously head of McKinsey & Co.

Meanwhile, Goldman posted a smaller-than-expected 48% slide in Q2 2022 profits and warned that it may slow down hiring and cut expenses amid volatile market conditions and a slump in deal activity.

The bank is planning to bring back reinstate its annual performance review for employees at the end of the year. The process was dropped by the bank during the pandemic.

Earlier this week, Goldman CEO David Solomon told CNBC: “We’re always looking to add to talent to the firm. But at the same point, we’re going to manage the growth of that going forward a little bit more cautiously given the macro environment.”