Goldman Sachs' co-head of Europe to retire at year-end

By Anjuli Davies LONDON (Reuters) - Michael Sherwood, co-head of Europe at Goldman Sachs is retiring, according to a memo sent on Monday. Sherwood, who spent 30 years at the investment bank and was often mooted as a potential successor to CEO Lloyd Blankfein, will retire from his post at the end of the year but will continue to have a role as a senior director. The loss of one of the bank's top executives in Europe comes as Goldman, like many international rivals with a large presence in London, is grappling with the fallout from Britain's so-called Brexit vote, which could restrict access to the European single market. Goldman Sachs International, the European arm of the Wall Street bank, is headquartered in London, where roughly 5,000 out of 6,000 of its staff are based. Sources have told Reuters that Goldman Sachs is considering shifting some of its assets and operations from London to Frankfurt to secure access to the European Union market when Britain leaves the bloc. Richard Gnodde, currently Sherwood's Co-CEO, will become sole head of Goldman Sachs International. Sherwood, often referred to by his nickname, Woody, began his career at Goldman in 1986, rising up the ranks as a fixed-income trader. He made partner -- a prestigious role that can command a multimillion-dollar salary -- in 1994 and head of the fixed income, currency and commodities division (FICC) in Europe in 2001. Sherwood earned $21 million in 2015, regulatory filings showed. He assumed his current role as Co-CEO of Europe in 2005 and also assumed the role of vice chairman of Goldman Sachs in February 2008. "Over the course of his career, Michael has played a vital role in establishing and growing our franchise in Europe and around the world," CEO Blankfein and COO Gary Cohn said in a joint memo, the contents of which were confirmed by a Goldman spokesman. "His expertise and knowledge across a range of markets, as well as his passion and commitment to our culture, have influenced a generation of professionals at Goldman Sachs." Sherwood made the news earlier this year when he was called to appear before a British parliamentary committee hearing into the role Goldman Sachs played in advising retail magnate Philip Green on the sale of BHS a year before the department store went into bankruptcy. (Reporting By Anjuli Davies; Editing by Rachel Armstrong and David Goodman)