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Goldman Sachs MD resigns to run website

February 12, 2010 • Top Stories

Goldman Sachs Managing Director Teresa Clarke today ended a decade-long career at the investment banking firm to devote her full energies to Africa.com, an Internet portal for Africa, of which she is president and CEO.

Former Goldman Sachs MD now runs Africa.com

Clarke is passionate about the continent and wants to change the way the world sees it.

“My goal for Africa.com is to change the way the world views Africa,” said Clarke. “Yes, it is a continent with tremendous natural beauty and resources, but it also contains some of the world’s fastest growing economies.”

Leaving a prestigious position on Wall Street to run a website, has raised some eyebrows. On her site she writes “… A lot of quizzical looks have come my way as news of my resignation from Goldman Sachs has spread. Why am I leaving a lucrative career as a managing director at a prestigious firm and one of the few senior African-American investment bankers on Wall Street to devote my full energies to the high risk dot.com world? Why am I not just outsourcing the re-launch of Africa.com, the Internet portal that I’ve owned for almost a decade?

The answers are love, love of Africa, and an unquenchable desire to change the way the world views Africa.”

Africa.com provides information about politics, travel, economy, shopping and civil liberties on the continent.

“Capital costs more when the perceived risks are higher,” said Clarke, an experienced investment banker and analyst. “Accurate, unbiased information about each country on africa.com will help open doors for capital to flow into the continent because investors will know what the actual risks are as opposed to just the perceived risks.

On her decision to leave her job at Goldman Sachs and running Africa.com full-time, she says “It’s a huge risk, but love is always risky.”

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