Goldman Sachs recruits former European Commission president

José Manuel Barroso, president of the European Commission, pictured in 2014

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Former EC president Barroso has taken an advisory role at Goldman Sachs

Barroso will be an adviser and non-executive chairman of Goldman Sachs International, according to a statement issued by the Wall Street bank on July 8.

The former prime minister of Portugal between 2002 and 2004 went on to act as president of the European Commission between 2004 and 2014.

In the statement, Michael Sherwood and Richard Gnodde, co-chief executives of Goldman Sachs International, said Barroso would bring “immense insights” and “a deep understanding of Europe” to the bank, adding that he would assist it in continuing to “help our clients navigate the challenging and uncertain economic and market environment”.

Peter Sutherland was chairman of GSI until May 2015, when he retired from that role and became an international adviser to the bank, according to a Goldman Sachs spokeswoman. Since then Claes Dahlbäck, another non-executive, has been chairing the board.

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