Goldman Sachs has named Jonathan Penkin as the new head of its Johannesburg office to drive its expansion in sub-Saharan Africa.

Penkin will be appointed as the CEO of Goldman Sachs International Bank, Johannesburg branch, and Goldman Sachs International branch manager, Reuters reported citing an internal memo.

Penkin will take over the new responsibilities from the current CEO Colin Coleman, who is set to retire at the end of this year.

Penkin has been associated with Goldman since 2006. Now, he is the head of growth markets equity capital markets and chairman of equity capital markets for Asia excluding Japan.

In the memo, Goldman named Willem Baars and Olivier Frendo as co-heads of its investment banking division for sub-Saharan Africa.

In their new roles, Baars and Frendo, along with Penkin, will oversee the development and implementation of the company’s strategic initiatives in the region.

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By GlobalData

Recently, it was reported that Goldman Sachs is planning to introduce robo advisory services to reach less-affluent investors.

With the initiative, the American banking giant aims to cater people with a minimum of $5,000 in investible assets.

The move is led by United Capital Financial Partners, a newly acquired subsidiary of the Wall Street bank.

In October, Goldman Sachs reported a 26% drop in its registered net earnings for the third quarter (Q3) of 2019. The group’s net revenues were also down by 6%.