Goldman Sachs' Saudi Arabia CEO leaving firm - source

(Reuters) -Goldman Sachs' Saudi Arabia CEO, Khalid Albdah, is leaving the firm, a source familiar with the situation told Reuters on Wednesday.

Albdah has been heading Goldman's Saudi operations for nearly a decade, his LinkedIn profile showed. He joined the bank in 2013 from Al Rajhi Capital, one of the largest financial firms in the Middle East.

Goldman Sachs declined to comment. The news was first reported by Bloomberg.

The Wall Street giant, which has been bolstering its operations in the country, was granted a license to set up its regional headquarters in Riyadh, according to a Reuters report from earlier this year.



The move came after the kingdom's cabinet approved a new set of rules under which companies without a regional headquarters in Saudi Arabia risked losing lucrative government contracts.

Goldman Sachs reported third-quarter profit on Tuesday, that beat estimates, fueled by a rebound in bond sales, stock offerings and mergers.

Source: Investing.com