Goldman Sachs is about to announce a huge shake-up in its trading business

Goldman Sachs is set to announce a big shake-up.

Tom Cornacchia, the global cohead of fixed income, currency and commodity (FICC) sales at the bank, is leaving, according to people familiar with the matter.

Cornacchia spoke openly about a cultural change in the fixed income business at Goldman Sachs earlier this year. He said the shift was causing some "awkwardness" and "friction."

Cornacchia is expected to be replaced by John Willian, according to the people.

His departure follows that of his former cohead, Dalinc Ariburnu, earlier this year.

The changes in fixed income are part of several changes in the securities division due to be announced this week, according to people familiar with the matter.

The firm in February promoted Jim Esposito to chief strategy officer of the securities division and set him the target of growing the client franchise.

In a note announcing that appointment, Pablo Salame and securities coheads Isabelle Ealet and Ashok Varadhan said the industry was "undergoing extraordinary change" and that many of Goldman's competitors were retrenching from businesses and regions.

When Ariburnu later left, Esposito took on the role of cohead of FICC sales in addition to his role as strategy officer.

More to follow