Goldman Sachs Securities Division Chiefs to Leave Firm -- Memo
May 14 2018 - 11:13AM
Dow Jones News
By Liz Hoffman
Goldman Sachs Group Inc. is shaking up the leadership of its
trading arm, which has struggled in recent years.
Pablo Salame and Isabelle Ealet, two of three executives who
oversee Goldman's powerful securities division, will leave the firm
next month, according to a memo reviewed by The Wall Street
Journal.
Their exit leaves Ashok Varadhan as the sole head of the
division at a firm that typically prefers multiple co-heads.
Goldman's traders have struggled to adapt to postcrisis changes
in trading trends and market conditions. Revenue has fallen from a
high of $33 billion in 2009 to $12 billion last year, and Goldman
has ceded market share to rivals, especially in fixed-income
trading.
Mr. Salame joined Goldman in 1996 and came up on the firm's
emerging-markets trading desk. He has been in his current role
since 2008, the longest-serving head of a Goldman division and one
of few current Wall Street trading executives to have survived the
crisis in a leadership role.
Ms. Ealet, a French national known as Izzy, joined in 1991 as a
commodities trader and later ran that division.
Write to Liz Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
May 14, 2018 10:58 ET (14:58 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Apr 2023 to Apr 2024