IN THE UPPER tiers of global finance, influence is rarely exercised only through markets. It also emerges in the quiet exchanges between banks, policymakers and businesses whose fortunes rise and fall with economic policy. Few executives now operate as fluently across those arenas as Kunal Shah, co-chief executive of Goldman Sachs International and global co-head of FICC.
From trading floors processing billions of dollars in global capital flows to conversations in Westminster about the competitiveness of the British economy, his role increasingly extends beyond the mechanics of finance into the wider debate about growth and investment.
That perspective was evident when Shah addressed a House of Commons reception marking the fifteenth anniversary of Goldman Sachs’ 10,000 Small Businesses programme in December.
“Entrepreneurs are optimistic – but optimism only goes so far when you can’t plan ahead,” he said.
Drawing on feedback from more than 2,500 companies that have taken part in the programme, Shah spoke candidly about the pressures facing small firms. “One of the things we hear most from these companies is the tax burden in the UK,” he said, adding that the latest Budget demonstrated how “tight the fiscal position is”, creating challenges for entrepreneurs and the wider business environment.
Based in London, Shah joined Goldman Sachs in 2004 after graduating with a degree in mathematics from Gonville and Caius College at the University of, Cambridge, beginning his career as an analyst in interest rate products trading. Within four years the global financial crisis would reshape the industry he had entered, tightening regulation and transforming how trading businesses operated.
Rising through the ranks as the post-crisis framework took shape, he developed expertise in sovereign debt markets, derivatives and central bank policy, learning how fiscal decisions in one capital could ripple through currencies, bond markets and investor sentiment elsewhere.
His ascent inside Goldman Sachs was swift. He became managing director in 2010 and a partner in 2014 at the age of 31, joining the firm’s senior leadership cohort unusually early in his career.
Over the following decade Shah assumed increasingly global responsibilities, including serving as global head of emerging markets, overseeing trading and client activity across Asia, Latin America, the Middle East and Africa.
Today he serves as global co-head of Goldman Sachs’ vast fixed income, currency and commodities division – known within the firm as FICC – covering government and corporate bonds, foreign exchange, commodities and derivatives.
In addition to that role, in January 2025 his responsibilities expanded further when he was appointed co-chief executive of Goldman Sachs International alongside Anthony Gutman. The position places him at the helm of the bank’s regulated UK entity and its operations across Europe, the Middle East and Africa, overseeing the firm’s efforts across investment banking, global markets, private wealth management and asset management activities in the region.
Shah is also a strong culture carrier, having served as sponsor for the Asian Network for over 10 years. He is currently co-chair of the EMEA Talent Council, focused on recruiting, retaining and investing in the firm’s exceptional talent, and co-chair of the Partnership Committee.
Although Shah built his career in London, his family roots lie in India. During Asian Heritage Month in 2023 he reflected on the significance of his name: “Coming from an Indian background, Kunal, a Sanskrit name pronounced ‘ku-naal’, means lotus and was given to me by my mother, Kumud, which also means lotus flower.”
