Richard Gnodde
Since Sherwood's retirement in 2016, Gnodde has been the CEO of Goldman Sachs International as well as vice chairman of Goldman Sachs. According to the "Financial Times", he is "in sole charge of the Emea area." In March 2017, Gnodde said Goldman Sachs would move jobs to the continent because of Brexit.
Goldman Sachs
During the 2007 Subprime mortgage crisis, Goldman was able to profit from the collapse in subprime mortgage bonds in the summer of 2007 by short-selling subprime mortgage-backed securities. Two Goldman traders, Michael Swenson and Josh Birnbaum, are credited with being responsible for the firm's large profits during the crisis. The pair, members of Goldman's structured products group in New York City, made a profit of $4 billion by "betting" on a collapse in the sub-prime market and shorting mortgage-related securities. By summer 2007, they persuaded colleagues to see their point of view and convinced skeptical risk management executives. The firm initially avoided large subprime writedowns and achieved a net profit due to significant losses on non-prime securitized loans being offset by gains on short mortgage positions. The firm's viability was later called into question as the crisis intensified in September 2008.