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Goldman Sachs has promoted a new generation of executives to head its key investment and commercial banking businesses as the bank overhauls its senior ranks and prepares to capitalize on an expected boom on Wall Street under US President Donald Trump.
The New York-based bank said it had appointed new global heads of equities, fixed income and banking, along with reshuffling leadership at its international arm.
The changes highlight Goldman Sachs' efforts to modernize its leadership seat and position itself for future challenges, as the company navigates changing market dynamics.
Erdit Hoxha, Cyril Goderis and Dmitry Boteshko will be in charge of the equity division. Kunal Shah, Anshul Sehgal and Jason Brauth will lead the fixed income unit. Meanwhile, Kim Posnett, Matt McClure and Anthony Guttman have been appointed to oversee the investment banking franchise.
These promotions are the culmination of a year-long effort to find ways to retain and motivate top talent after CEO David Solomon and President John Waldron cemented their positions at the top of the company for the foreseeable future.
The bank announced last week Five-year, $80 million retention plans For each, it established a private equity-style compensation plan to reward senior leaders with a share of profits from the firm's alternative asset funds.
The program will include some of those upgraded on Tuesday in an effort to ward off poaching efforts by rival banks, private equity funds and hedge funds, people familiar with the plans said.
The changes mean 15 new people are added to the company-wide management committee, bringing its total membership to 39. Six of the newcomers are based in London or Hong Kong, a sign of the importance of Goldman's business overseas.
The Global Banking and Markets division, which is at the heart of the changes, accounts for two-thirds of Goldman's net revenue. It includes both investment banking and sales and trading.
In an important transition, Shah and Guttman will also assume the roles of co-CEOs of Goldman Sachs International. They succeed Richard Gnaud, a veteran of the bank who is stepping down 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 outstanding contributions throughout their careers to our customer excellence, operations and market-leading positions across our business,” said David Solomon.
Goldman's other large division, Asset and Wealth Management, announced a similar reshuffle last year.
