By Sarah White and Douwe Miedema
LONDON (Reuters) - Veteran Goldman Sachs
Zaoui, a Moroccon-born Frenchman, had been with the company for 24 years and would now become senior director - an honorary title - according to an internal memo obtained by Reuters. The bank confirmed the contents of the memo.
Taught at one of France's elite business schools, Zaoui moved to London in 1989 and had been "one of the pioneers" of Goldman Sachs's European operations, the bank said, securing a long list of key deals for the firm.
One of his best-known deals was advising Mittal Steel in its hostile takeover of rival Arcelor in 2006, a deal that pitched him against his brother Michael, who had a similar role at Morgan Stanley, and was advising Arcelor.
Goldman has seen several high-profile departures this year, both from its advisory unit and from its lucrative trading division. These included David Heller and Edward Eisler, co-heads of the firm's securities business.
In Europe, another senior mergers and acquisitions (M&A) banker, Luca Ferrari, also retired.
The departures come amid a shake-up in the senior ranks at banks across Europe, including Switzerland's UBS
Andrea Orcel, one of Bank of America Merrill Lynch's
And "mining king" Ian Hannam, one of London's most prolific dealmakers, last week left JPMorgan
Zaoui had decided to leave the firm after "24 years of outstanding service", according to the memo from Chief Executive Lloyd Blankfein and Chief Operating Officer Gary Cohn.
He shared the role of co-head of global M&A with Gene Sykes, and was involved in deals such as the 2004 hostile takeover of Aventis by Sanofi, and in the merger between French oil giants TotalFina and Elf Aquitaine in 1999.
Banks have been grappling with stricter regulations on regulatory capital, which is dampening revenues in their trading businesses, while rising costs lead to lay-offs, lower pay packages, and other cost reductions.
Firms are also are revamping their strategies as a result and reshuffling management, prompting many senior dealmakers to leave the industry, or take time out. Goldman has been among the firms cutting staff recently.
Goldman slipped behind U.S. rivals such Citi
(Editing by Helen Massy-Beresford)