Goldman Sachs has appointed Christopher French, former chairman of European investment banking at Goldman, as co-head of wealth management outside the US, alongside Doug Grip, according to a report in Financial News.

The report cites analysts as saying Mr French’s appointment could signal Grip’s departure in due course, although his future will be in the hands of the recently-appointed global head of wealth management, Peter Scaturro.

The appointment, along with that of Mr Scaturro, is seen as an attempt by Goldman to raise its wealth management game.

Mr Scatturo was sacked as head of wealth management by Citi in 2004, when Japanese regulators closed its private bank, after which he became head of US Trust. He left the Charles Schwab-owned broker earlier this year.