- Goldman Sachs announced a series of management changes at the top of the bank on Tuesday.
- Among the changes, the bank expanded the ranks of its management committee.
- It named three global co-heads of investment banking ahead of an expected increase in deals.
Goldman Sachs on Tuesday announced a series of executive appointments, expanding the size of its management committee and elevating a number of executives to its top ranks.
The management committee, established in 1965, is responsible for helping to guide the firm’s strategy, policy and other management matters. It tends to consist of the next generation of the firm’s leaders.
The change comes as the bank prepares for at least five more years of leadership under CEO David Solomon and right-hand man President and COO John Waldron. Solomon has transformed the bank since taking over in 2018, including efforts to increase collaboration between divisions and grow the asset and wealth management division.
Last week, Goldman reported a more than 100% jump in earnings amid a surge in deal activity. Wall Street is bracing for a flurry of mergers and public offerings as the new presidential administration gets under way.
“This group of leaders represents the best of our culture of excellence, customer service and teamwork,” Solomon said in a statement accompanying the announcements. “They have made outstanding contributions throughout their careers to our customer franchise, operations and market leadership positions across our business. I am excited to work with them in their new roles as we continue to advance our objectives strategic.”
Here’s a summary of the changes Goldman announced Tuesday.
The following executives will join the bank’s management committee, its top executive group:
- Matt McClure, Anthony GutmanAND Kim Posnett are set to become global co-heads of investment banking.
- Jason Braut, Kunal ShahAND Anshul Sehgal will become global co-leaders of fixed income, currency and commodities.
- Dmitri Potishko, Cyril GoddeerisAND Erdit Hoxha will become co-head of global equities.
- Kevin Kelly AND Sam Morgan will become global co-head of client coverage for global banking and markets – public.
- Anthony Gutman AND Kunal Shah will become co-chief executives of Goldman Sachs International.
- Richard Gnodde will become vice chairman of Goldman Sachs.
- Francois-Xavier de Mallmann will become chairman of Goldman Sachs EMEA and will retain his current role as head of investment banking.
-
Will Bousquettechief operating officer of asset and wealth management; Kathleen Connollyglobal director of Internal Audit; AND Marie Louise Kirkchief administrative officer for Asia Pacific, will retain their roles and will also join the management committee.
In addition to these appointments, the bank appointed two partners – John Story AND Tony Pasquariello — to co-lead its landmark One Goldman Sachs initiative, alongside existing managing director and partner Meena Flynn.
Additionally, longtime partner Jack Sebastian will become vice chairman of the firm; AND Suhail Sikhtian AND Marshall Smith will become head of Investment Banking, in addition to the current position. (Last year, Sikhtian, who heads Goldman’s natural resources investment bank, was named one of 2023’s most successful bankers by deal volume, completing transactions worth nearly $150 billion, according to data from MergerLinks.)
Reed Alexander is a correspondent at Business Insider. He can be contacted by email at ralexander@businessinsider.comor Coded App SMS/Signal to 561-247-5758.
