Three leading US investment banks - Goldman Sachs, JP Morgan and Morgan
Stanley - have been trawling the market for top executives to head their
Goldman Sachs is thought to be on the verge of appointing a director of
PR for its international operations following five years in which it has
relied on the resources of its PR agency Shandwick.
The agency was hired on a project basis in 1991 to handle PR around
Goldman Sachs’ involvement in the Maxwell pension funds scandal and was
later given the task of restructuring the bank’s PR operation outside
Shandwick International chief executive Richard Sermon has been on
permanent secondment to the bank since 1992. He was joined by Martin
Cardoe in 1993.
It is not clear what their roles will be once the new PR director is in
place and neither would comment on the appointment. The nature of the
consultancy role is also likely to change. The account, once worth
between pounds 2 million and pounds 3 million in fees, has been scaling
down since the end of the Maxwell fraud trial in January.
Meanwhile, Morgan Stanley and JP Morgan are still recruiting. Morgan
Stanley is looking for a vice-president of corporate communications who
will report to Amelia Fawcett, the bank’s operations officer for Europe.
JP Morgan is seeking a PR executive to join its two-man in-house team
headed by Joe Evangelisti, senior communications officer for Europe,
Middle East and Africa.
However, the successful candidate can expect to have a shot at the top
job, when this becomes vacant, probably early next year. Evangelisti,
who was seconded from JP Morgan’s US operation two and a half years ago
is expected to return to the US early next year.