The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Matthias Fekl, France's foreign trade minister, tweeted: "Serving the people badly, serving yourself at Goldman Sachs.". Ex-European Commission head Barroso under fire over Goldman EU investigates Barroso over Goldman Sachs job DW 09/12/2016 Goldman Sachs A Commission spokesman said it would consider her report and reply within her three-month deadline. (09.07.2016), The euro and pound have fallen as the Brexit referendum approaches in the UK. I have not and will not lobby EU officials, he tweeted after a European Ombudsmans report said his successor at the Commission, Jean-Claude Juncker, had failed to properly scrutinize whether Barrosos new job undermined fragile public trust in the European Union. I think Jos Manuel Barroso is an honest man and he is a friend. Brexit fallout the economic impact in six key charts, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. It is also fighting a court case brought by the Libyan Investment Authority for losses on trades during the 2008 financial crisis. The bank hired Mr Barroso as an adviser and non-executive chairman of its international business, with a brief of advising the bank on the consequences of Brexit. Ex-European Commission head Barroso under fire over Goldman They want action to be taken against Barroso for joining Goldman Sachs, a bank that helped Greece hide the true extent of its budget deficit and sold toxic subprime mortgage products in the run-up to the 2008 financial crisis. (12.09.2016), Jose Manuel Barroso is to join Goldman Sachs in London to advise it on Brexit and other European issues, two years after heading the European Commission. Ex-commissioners are free to take up a new role 18 months after leaving. EU to probe Barroso's new job at Goldman Sachs DW Barroso, who was president of the European commission for 10 years until 2014, is becoming chairman of Goldman Sachs International the banks UK and European operations and will also be an adviser. He has been critical of the behaviour of banks. The recent decision to hire Jos Manuel Barroso as non-executive chairman of Goldman Sachs International might take longer to bear fruit. The European commission president, Jean-Claude Juncker, has criticised the controversial decision of his predecessor, Jos Manuel Barroso, to join the In a letter to Juncker, Barroso said he was not being employed as a lobbyist or adviser on Brexit and that the bank had intended to appoint him before the vote to the leave the EU. Mr Barroso has come under fire for taking up a job advising a major bank on Brexit, Mr Barroso's knowledge of the EU will help him in his new role, French Trade Minister Matthias Fekl tweeted "Doing citizens a disservice, self-service at Goldman Sachs: Barroso, shameful representative of an old Europe which our generation is going to change. President of the European Commission, the EU's executive arm, from 2004-2014, As Commission head he was at heart of the banking crisis and the fallout within the Eurozone. OReilly in turn dismissed Barrosos account that his meeting in October with former Commission colleague Jyrki Katainen was a private matter. Both Dolan and Cann think the current 18-month "cooling off" period should be increased to at least three years for commissioners and, in the case of former presidents, five years. Goldmans role in financial crisis leads president of European commission to criticise predecessors choice of job. Goldman Sachs | Press Releases - Jos Manuel Barroso I am very clear about my ongoing responsibilities to the European institutions and naturally I will maintain my commitment to act with integrity and discretion, he said. "Mr. Barroso's move has generated concern at a very challenging time for the EU and particularly in relation to citizen trust in its institutions," she added, emphasizing that "former commissioners have the obligation to behave with integrity.". I have not been engaged to lobby on behalf of Goldman Sachs and I do not intend to do so.He accused Juncker of discrimination by warning Barroso he would not be received in EU institutions as a former president, but as an interest representative subject to the same rules as other lobbyists. Jos Manuel Barroso, chairman of Goldman Sachs International, provides an update on Europes latest fiscal stimulus package. He joined The European Ombudsman on Tuesday launched a probe into how the European Commission handled the news that its former president Jos Manuel Barroso had joined Goldman Sachs. While he was head of the commission, Barroso was at heart of the banking crisis and the ensuing fallout which gripped the eurozone. Noting Junckers changes to the code of conduct, he said. Jose Manuel brings immense insights and experience to Goldman Sachs, including a deep understanding of Europe, said Michael Sherwood and Richard Gnodde, who co-head the international business, in a statement. Jos Manuel Barroso, chairman of Goldman Sachs International and former president of the European Commission, weighs in on the economic relief package EU rules stipulate that commission officials have a duty to behave with integrity and discretion once they have ceased to hold high office. According to code of conduct for former commissioners, Barroso was obligated to wait through the obligatory 18-month "cooling off" period before taking the job. "It's a mistake on the part of Mr Barroso and the worst disservice that a former Commission president could do to the European project at a moment in history when it needs to be supported and strengthened," he told the French parliament, referring to Europe's shock after Britain voted to leave the EU on 23 June. Personally I do not have a problem with him working for a private bank but maybe not this bank, Juncker said in an interview featured on YouTube (at 45 mins). So one does wonder about the particular bank he has ended up working for.. Barroso served as president of the commission, the EUs executive arm, from 2004 to 2014 and was prime minister of Portugal from 2002 to 2004, Goldman said in a statement. Jose Manuel Barroso, the former president of the European Commission from 2004 to 2014, is facing accusations that he has damaged the EU's "integrity and reputation" with his decision to join US investment bank Goldman Sachs. Despite accepting the job after 20 months, Mr Barroso has come under fire for ignoring the spirit of the rules. A former prime minister of Portugal, Barroso said he had been careful to comply with the commissions rules, adding that he had joined Goldman 20 months after his period office, longer than the 18-month cooling off period imposed on him. European authorities opened a probe to determine whether Barroso had broken ethnic guidelines, EU's Jean-Claude Juncker said. "It is, at the worst possible moment, a disastrous symbol for the Union and a gift horse for the europhobes that a former Commission president is associated with the unbridled and unethical financial values that Goldman Sachs represents," they said in the document, which has since gathered over 130,000 signatures. On Sunday, European Commission President Jean-Claude Juncker announced he had ordered a probe into Barroso's new role at Goldman Sachs - the institution with strong links to both the 2007-2008 financial crisis and the Greek debt debacle, which destabilized the euro currency - to determine whether Barroso had breached EU ethics guidelines. He joined Parexel Announces Updates to Board of Directors - GlobeNewswire Financial analyst Max Keiser says this is crony capitalism and corruption at the highest level. Barroso caused outrage by joining the bank, which some say helped cause Europe's financial crisis. Goldman Sachss GS, -1.52% stock managed to eke out a gain of about 0.8% this week, but thats only half the 1.6% rise this week of the Dow Jones Industrial Jose Manuel Barroso, Goldman Sachs Advisor, Reform for Resilience Commission Co-Chair and Former EU Commission President, discusses post-pandemic Jos Manuel remained in the Presidency for two 5-year terms, where he played an influential role in the passing of the Treaty of Lisbon, responding to the financial crisis and incorporating new members in the European Union, as the EU went from 15 to 28 countries between 2004 and 2014. The former prime minister of Portugal is being asked to clarify his responsibilities at the bank, according to a letter from Juncker to the EU ombudsman, Emily OReilly. France has called on the former head of the European Commission, Jose Manuel Barroso, not to take up a job advising US bank Goldman Sachs on Brexit. The ombudsman, Emily O'Reilly, sent a letter to Jean-Claude Juncker, Barroso's successor as Commission president, announcing an investigation into Some EU politicians are demanding Barroso be sanctioned for accepting the new position. Earlier this week, Juncker launched an unprecedented investigation into whether Barroso broke EU rules by taking the job. Goldman Sachss GS, -1.52% stock managed to eke out a gain of about 0.8% this week, but thats only half the 1.6% rise this week of the Dow Jones Industrial Average DJIA, -0.65%. See here for a complete list of exchanges and delays. BRUSSELS (Reuters) - Former European Commission president Jose Manuel Barroso denied on Thursday he had lobbied ex-colleagues for his new employer Goldman Sachs, hitting back at what he has called a personal political attack by the EUs ethics watchdog. Goldman Sachs | Press Releases Mr Barroso's new post is described as a "non-executive chairman of Goldman Sachs International (GSI)" and "an adviser to Goldman Sachs". Jose Manuel Barroso is to join Goldman Sachs in London to advise it on Brexit and other European issues, two years after heading the European Commission. I have not been engaged to lobby on behalf of Goldman Sachs and I do not intend to do so, Barroso said. In his letter, Juncker said Barroso would now be received at the Commission as a lobbyist rather than as a former president. The European Ombudsman has called for the EU to tighten rules on commissioners taking appointments after leaving office. ", EU to investigate Barroso over Goldman Sachs job, Outcry over Barroso move to Goldman Sachs, Euro and pound jittery as Brexit referendum approaches, Ukraine updates: Zelenskyy slams 'brutal' Kramatorsk attack, Ukraine: Deadly Russian missile strike hits Kramatorsk, Wagner chief Prigozhin arrives in Belarus, In Zambia, postnatal depression is neglected, Bangladesh heatwave brings on crippling power cuts, Germany: Racism, antisemitism reporting on the rise, Greece: Mitsotakis takes office after conservative landslide, International African American Museum opens on historic site, Amazon rainforest study: Brazil led deforestation in 2022, petition addressed to the three presidents, EU officials have said they will ask the former European Commission head to give details of his contract with the firm. See here for a complete list of exchanges and delays. The European Commission is seeking "clarifications" from its former president, Jose Manuel Barroso, about his controversial job at Goldman Sachs. EU seeks Barroso 'clarifications' on role at Goldman Sachs Two months after former EU Commission head Jose Manuel Barroso announced his new position at US banker Goldman Sachs, the EU is investigating whether the job meets ethical standards. But the rules also stipulate that commissioners are obliged to act "with integrity and discretion" after their time in office, something that many contend the former Portuguese prime minister has failed to do. Barroso led the commission from 2004-14 and has come under intense pressure since his appointment in July as chairman of Goldman Sachs International, the banks UK and European operations. Last week, O'Reilly, who in her role investigates complaints about misadministration in EU institutions, agencies and bodies, sent a letter to Juncker requesting clarification on the Commission's position on Barroso's appointment. Goldman Sachs and other U.S. investment banks are seen as particularly vulnerable to Brexit since they rely on the EUs passporting regime that allows them to offer services across the bloc while basing most of their staff and operations in the UK. I have never sought a privileged position but I would not expect to be discriminated against, Barroso said. The co-heads of Goldman Sachs International, Michael Sherwood and Richard Gnodde, said that Barroso had been hired for his understanding of Europe. Goldman Sachs In his new role, Mr Barroso will be able to draw on his intimate knowledge of the EU and have access to many officials and politicians he worked with at the European Commission. With the "remain" and "leave" camps running almost level in the polls, the markets are reflecting the uncertainty, as wary voices grow. In light of that meeting, OReilly recommended the Commissions watchdog determine whether his new employment met the obligation for former commissioners to act with integrity and not damage the EUs image. Manuel Barroso, joins Goldman Sachs Goldman Sachs International, which Barroso will chair, is headquartered in London and of its roughly 6,000 staff fewer than 1,000 are based outside Britain. Some staff from European Union bodies have reacted with fury to the appointment, denouncing their former bosss behaviour as morally reprehensible. Read about our approach to external linking. In 1999, he was elected president of the Social Democratic Party and became the leader of the opposition. But the fact that the Commission took so long to act "makes it look a bit like they were forced into it. They are discriminatory against me and against Goldman Sachs, a regulated company operating in the internal market.. UKs shock vote to leave the European Union. The panel can cut pension rights for any breach, but has never done so. Goldman Sachs has hired the former Prime Minister of Portugal Jos Manuel Barroso to be an advisor and non-executive chairman of its international business. LONDON (Reuters) - Goldman Sachs GS.N has hired former European Commission President Jose Manuel Barroso to be an advisor and non-executive The watchdog found no ground to object in late 2016 but the Ombudsman launched her own inquiry last year. Barroso also took issue with the warning from Juncker that he would not be received in EU institutions as a former president, but as an interest representative, subject to the same rules as other lobbyists. Barroso caused outrage by joining the bank, which some say helped cause Europe's financial crisis. The petition has been signed by almost 145,000 people. EU officials have said they will ask the former European Commission head to give details of his contract with the firm. Additionally, experts criticize public officials for using their contacts and inside knowledge in the private sector, creating room for conflict of interest. Despite accepting the job after 20 months, Mr Barroso has come under fire for ignoring the spirit of the rules. LONDON, July 8 (IFR) - Former president of the European Commission Jose Manuel Barroso has joined Goldman Sachs as a non-executive chairman in its It could have obliged him not to engage in any lobbying at the Commission, she added. Barroso attacks Brussels over probe into his Goldman Sachs role All rights reserved. He is also visiting professor at the Catolica University in Lisbon and at the University of Geneva and the Graduate Institute of International Relations in the same city. Former European Commission chief Jose Manuel Barroso, who was complicit in helping Goldman Sachs defraud the Greek economy, is now taking a job with the company. A petition against the appointment by Goldman Sachs of former European Commission president Jos Manuel Barroso has attracted more than 76,000 signatures. "Any suggestion that the spirit of the law is being ignored risks undermining public trust in the EU," she said. (modern), European commission rebuked over ex-chief's Goldman Sachs job, Juncker asks EU ethics panel to investigate Barroso's Goldman Sachs job, EUethics watchdog intervenes over Barroso's Goldman job, Barroso's new job puts Brussels elite in a tight spot, EUstaff petition attacks Barroso over Goldman Sachs job, French government urges ex-European commission boss not to take bank job, Jos Manuel Barroso to become chairman of Goldman Sachs International, Juncker hits out at predecessor Barrosos Goldman Sachs role, Juncker launched an unprecedented investigation.