Meet the contenders duking it out to run Goldman Sachs’ vaunted sales and trading division (GS)

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Goldman Sachs announced Monday that securities division coheads Pablo Salame and Isabelle Ealet were leaving the bank come June.
The departures fire the starting gun on a new race for succession at the firm.

Goldman Sachs announced on Monday that securities coheads Isabelle Ealet and Pablo Salame were both retiring from the firm.

Their exits leave Ashok Varadhan as the sole head, and he will be joined in the day-to-day management of the division by five executives, who are likely now vying for the opportunity to join him as a cohead of the business.

Potential new leadership atop Goldman’s securities division comes at a crucial time for the firm, as CEO Lloyd Blankfein grooms president David Solomon to take on his role in the not too distant future. As Solomon gains greater responsibility, he’ll likely have a big say in who gets elevated to cohead securities. That means that these executives may be in part auditioning in front of him for the honor.

Goldman’s sales and trading business has struggled recently, although it may be starting to turn itself around. The bank generated $4.39 billion in trading revenue in the first quarter, a 31% increase over last year’s first quarter, and an 85% increase over the fourth quarter, which represented its worst quarterly performance since the financial crisis.

Check out Goldman Sachs’ top contenders to run its securities division, listed below in alphabetical order.

Michael Daffey — co-COO of equities

London-based Michael Daffey is co-COO of equities with Paul Russo, with the former sales specialist complementing Russo’s trading background.

Daffey joined Goldman Sachs back in 1994, making partner in 2002, and has previously headed global equities sales and head of fixed income and foreign exchange sales for Europe, the Middle East, and Africa.

Back in 2008, he was described as the “unofficial …read more

Source:: Business Insider


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