Goldman commends Lord Browne's "extraordinary business acumen"

The move follows his resignation as chief executive of oil giant BP amid revelations he lied to a court over how he had met a gay partner.

Lord Browne had been on the board of directors at the investment bank since 1999 and served as the chairman of the audit committee, among other roles.

Goldman Sachs chief executive Lloyd Blankfein said Lord Browne had made an "enormous contribution".

"Lord Browne has made an enormous contribution to Goldman Sachs and our culture of teamwork, excellence and client service," said Mr Blankfein.

"His ability to identify and deal with the important issues affecting our business and our people has helped guide this institution since we became a public company," he added.

Lord Browne has made an enormous contribution to Goldman Sachs and our culture of teamwork, excellence and client service Lloyd Blankfein Goldman Sachs chief executive Profile: Lord Browne

Lord Browne remains chairman of the advisory board of US private equity firm Apax Partners.

Private life

Lord Browne's career spanned 41 years at BP, where he was feted for building the company up into one of the world's biggest oil giants.

He was due to retire in the summer, but quit to save the company from embarrassment after a newspaper won a court battle to print details of his private life.

At the time, Lord Browne confirmed he did have a relationship with Canadian Jeff Chevalier who sold his story to Associated Newspapers - owners of the Mail on Sunday.