Matthew Westerman, co-head of the European financing group at Goldman Sachs, has been promoted to run the division on his own after the decision by Addy Loudiadis to take a sabbatical from the US bank.

Westerman and Loudiadis have been running the European financing group, which includes debt and equity capital markets, since September 2004. Last year they effectively became co-heads of European investment banking alongside Yoel Zaoui and Chris French when Goldman Sachs merged the investment banking and financing groups.