Goldman Sachs co-head for Europe Michael Sherwood, who has faced questioning from MPs over his role in the BHS sale ahead of its collapse, is quitting the investment bank.
Sherwood, who last year earned $21m (£17m), was often tipped as a potential successor to chief executive Lloyd Blankfein, and his exit comes at a time of uncertainty for the bank’s European operations as it grapples with Brexit.
However, Sherwood told the Financial Times his decision was not connected to the BHS scandal.
Sherwood was one of several senior executives who advised Philip Green on the sale of the retailer to a consortium led by former bankrupt Dominic Chappell.
“I wish we hadn’t been involved and I certainly don’t think we did much wrong,” he told the FT. “It is one blip in a 30-year career and it really played no part in my decision.”
Sherwood, a former fixed-income trader, said he hoped to receive a bonus for 2016 as he worked the full year, but would not disclose the financial terms of his departure.