Goldman Sachs appoints Mboweni

Johannesburg - Former Reserve Bank Governor Tito Mboweni has joined investment banking group Goldman Sachs as an international advisor from June 1 2010.

This was announced by Goldman Sachs on Sunday.

"This is an exciting move for me," said Mboweni. "Goldman Sachs has built an excellent track record in the region over many years and I am very pleased to be joining this high calibre international advisory team. I'm looking forward to help the group strengthen its leading position in Sub-Saharan Africa and elsewhere."

Mboweni will join the likes of Spanish businessman Claudio Aguirre and leading Italian economist and politician Mario Monti on the international panel.

Commenting on the appointment, the managing director and head of South Africa for Goldman Sachs, Colin Coleman, said: "In his capacity as an advisor, Mr. Mboweni's unique experience, wealth of wisdom and knowledge in the political and financial arenas will compliment our capabilities in South Africa, Sub-Saharan Africa and around the world."

Hearing

Meanwhile, a US senate panel investigating the financial crisis will hear this week from the Goldman Sachs trader at the centre of fraud charges filed against the group by the Securities and Exchange Commission (SEC).

The Permanent Subcommittee on Investigations has said Fabrice Tourre will testify at a hearing about the role of investment banks in the financial crisis.

The SEC said Tourre marketed an investment that officials say was designed to lose value. The SEC said he failed to tell investors that the mortgage securities in the deal were selected by a hedge fund that was betting they would fail.

Goldman denies the charges.

The subcommittee said Goldman CEO Lloyd Blankfein also will appear at the hearing.

- Fin24.com