Goldman Sachs Chairman Jim O'Neill to Retire Later This Year
February 6, 2013 4:48 PM EST
Jim O'Neill, the chairman of Goldman Sachs Group Inc's (GS.N) asset management division who coined the popular term "BRIC" to refer to four fast-growing emerging markets, will retire later this year, according to an internal memo sent out on Tuesday.
He is perhaps best known for coming up with the BRIC acronym in 2001, which identified Brazil, Russia, India and China as top emerging markets where investors could put their money for high returns. He proclaimed that those emerging economies, China's in particular, would help drive markets and world economic growth for the next decade.
O'Neill, once described as the world's first rock star economist for his talent on predicting movements in the $1 trillion-a-day foreign exchange markets, continues to be bullish on China.
O'Neill's calls have been broadly accurate, except for his belief that the world economy was not in trouble during the financial crisis.
In the memo, Blankfein said: "Jim is an influential economist and thought leader, and is regarded as an expert in the world's foreign exchange and bond markets."
Most Popular Slideshows
- In Photos, Typhoon Rammasun Blasts the Philippines
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Flight MH17 Attack: Russians Claim 'Putin A Terrorist,' Memorial at Dutch Embassy Overflows [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
Join the Conversation
- Malaysian Airlines Flight 17: Air Carrier Losing $1.6 Million/Day; Crisis Management Experts Suggest Hiring Risk Expert as CEO
- California Fruits Recalled in USA and Canada for Possible Listeria Contamination
- Malaysian Airlines Flight 17: Air Carrier to Give $5,000 Assistance to Victims’ Families; Bankruptcy Looms as 2 Air Mishaps Would Cost Firm Minimum $80.55 M Compensation
- Foxconn And Pegatron Corp Readies For Apple's iPhone 6 Mass Production This Month
- KFC & McDonald’s Accused of Serving ‘Expired’ Meat to Customers
- Google Nexus 8 Release Date Soon Along with 2 More HTC Android Tablets – Reports
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- Sony PlayStation 4 Outsells a Resurgent Xbox One in June
- Apple Logo on iPhone 6 Might Double as Notification LED; Roughly 80M iPhone 6 Units Ordered Targeting Release Date—Reports