Goldman Sachs is on a 'mission' to reshape its trading business
Goldman Sachs
Most notably, Jim Esposito, who was cohead of the global-financing group, will join the securities division as chief strategy officer.
That role is going to be critical.
The securities business houses equity sales and trading, which had a good 2015, and fixed income sales and trading, which has had a tougher time of it.
The memo announcing Esposito's appointment highlighted some of the challenges the business faces, and the opportunities ahead.
The industry is "undergoing extraordinary change," according to the memo, and competitors are retrenching.
"As a result, we see significant opportunity to work more deeply and expansively with an even larger set of clients," reads the memo, which was signed by securities division coheads Isabelle Ealet, Pablo Salame, and Ashok Varadhan.
That is where Esposito, who has been based in London, comes in. He will focus on growing the firm's client franchise, according to a memo.
"The ability to deliver the full range of products and services we offer to our clients is more valuable today than any other time that we can recall. Our mission is to adjust our practices and aspirations in a way that takes into account structural developments and our strong market position," the memo said.
Esposito, 48, was in December named to Goldman Sachs' management committee, a prestigious reward for rising stars within the firm.
He joined the bank in 1995 as a salesperson in FICC in emerging-markets debt. He later became COO of the investment-banking division, a role seen internally as a pathway to a bigger future role, and then moved to London to become head of the Europe, Middle East, and Africa financing group.
Esposito's brothers are bankers, too - one at Goldman Sachs, and the other at Morgan Stanley. His father was CFO of Chase Manhattan from 1987 to 1991.
To get the must-read guide to the key issues at every major Wall Street bank, click here.
- India must create 11.5 crore jobs in next six years as millions of youngsters enter workforce: Study
- India's PC market grows by 2.6% in Q1 2024, recording third consecutive quarter with growth
- ONGC declares highest ever standalone profit in FY24
- Top lake destinations in India for a cool summer retreat
- Pune rash driving case: Police detains father of minor accused
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market