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Goldman Sachs has promoted a new generation of executives to lead its core investment banking and trading businesses, as the bank renews its senior ranks and prepares to capitalize on the expected Wall Street boom under President Donald Trump’s presidency. Donald Trump.
The New York-based bank has appointed new global heads for its equities, bonds and banking businesses, alongside a management shake-up at its international arm, it announced on Tuesday.
These changes highlight Goldman’s efforts to refresh its leadership and position itself for future challenges, as the firm faces changing market dynamics.
Erdit Hoxha, Cyril Goddeeris and Dmitri Potishko will take charge of the equities division. Kunal Shah, Anshul Sehgal and Jason Brauth will lead the fixed income unit. Meanwhile, Kim Posnett, Matt McClure and Anthony Gutman were tapped to oversee the investment banking franchise.
The promotions are the culmination of a year-long effort to find ways to retain and encourage top talent, now that CEO David Solomon and President John Waldron have solidified their positions at the helm. of the company in the near future.
Last week, the bank announced Retention plans of $80 million over five years for both, and implemented a private equity-style compensation plan to reward top executives with a share of the profits from the company’s alternative asset funds.
The program will include some of those promoted Tuesday in an effort to counter poaching efforts by rival banks, private equity and hedge funds, sources close to the project said.
The changes mean 15 new people have been added to the firm’s management committee, bringing the total number of members to 39. Six of the new additions are based in London or Hong Kong, a sign of the importance of Goldman’s business abroad.
The Global Banking and Markets division, at the heart of the changes, accounts for two-thirds of Goldman’s net revenue. It encompasses both investment banking and sales and trading.
In a significant transition, Shah and Gutman will also assume the roles of co-chief executive officers of Goldman Sachs International. They succeed Richard Gnodde, a veteran of the bank who is leaving after leading the international business for more than a decade. Gnodde will serve as vice president.
“This group of leaders represents the best of our culture of excellence, customer service and teamwork. They have made exceptional contributions throughout their careers to our customer base, operations and market leadership positions across our business,” said David Solomon.
Goldman’s other major division, asset and wealth management, announced a similar shakeup last year.