Goldman Sachs has named a new head for its team advising smaller companies on deals in Europe; one of a number of positions to switch hands as the US bank reshuffles a business judged key to boosting its revenue in the region.

Goldman has promoted Olaf Diaz-Pintado to lead its cross-markets group in Europe, the Middle East and Africa, according to an internal memo seen by Financial News. This new unit, put together last year, is an attempt to win more business from smaller companies with an enterprise value between $500m and $2bn.