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Goldman Sachs has shaken up the bank’s top leadership, hiring a new generation to lead its major investment banking and trading operations as it prepares to take advantage of an expected Wall Street boom under President Donald Trump. promoted executives.
The New York-based bank announced Tuesday that it has appointed a new global head of equities, fixed income and banking, following a change in leadership in its international division.
The changes highlight Goldman’s efforts to revamp its leadership bench and position itself for future challenges as it responds to changing market dynamics.
Mr. Erdit Hoxha, Mr. Cyril Godialis and Mr. Dmitri Potishko will be in charge of the equity department. Kunal Shah, Anshul Sehgal and Jason Braus will lead the fixed income division. Meanwhile, Kim Posnett, Matt McClure and Anthony Gutman have been named to oversee the investment banking franchise.
The promotions come on the heels of a year-long effort to find ways to retain and incentivize senior talent, now that Chief Executive Officer David Solomon and President John Waldron have solidified their positions at the top of the company for the foreseeable future. It is the culmination.
The bank announced an $80 million, five-year retention plan for both companies last week, setting up a private equity-style compensation plan that rewards top leaders with a portion of profits from its alternative asset funds. .
The program, designed to deter poaching, also includes executives, and some of the executives promoted Tuesday could be eligible for bonuses in 2025, according to people familiar with the plan. It is said that there is a sex.
Goldman has lost partners and executives in recent years to asset managers, private capital and trading firms, including TCW, Citadel Securities, Sixth Street and General Atlantic.
This change means that 15 people have been added to the company-wide executive committee, bringing the total number of members to 39. Six of the new entrants are based in London or Hong Kong, demonstrating the importance of Goldman’s overseas operations.
The Global Banking and Markets division, which is at the center of the transformation, accounts for two-thirds of Goldman’s net revenue.
It covers both investment banking and sales and trading operations, and was a key driver of the bank’s blockbuster fourth-quarter results announced last week.
Goldman’s net income from its equities business hit a record high last year, causing the company’s overall profit to double from a year earlier to $4.1 billion. Investment banking fees rose 24% year over year to $2.1 billion.
In a significant transition, Mr. Shah and Mr. Gutman will also assume the roles of Co-Chief Executive Officers (Co-Chief Executive Officers) of Goldman Sachs International. They will replace outgoing bank veteran Richard Gnodde, who led the international business for more than a decade. Mr. Gnodde will become vice chairman and Mr. François-Xavier de Marman will become chairman of Goldman Sachs’ Europe, Middle East and Africa division.
“This group of leaders represents our company’s best culture of excellence, customer service and teamwork,” said Solomon. “Throughout their careers, they have made significant contributions to our customer franchises, operations and market-leading positions across our businesses.”
Goldman’s other big division, wealth and wealth management, announced similar personnel changes last year.
