Co-Heads of Goldman Sachs’ securities division to step down

By Pouyan Broukhim

Two of the joint leads of Goldman Sachs’ securities division have announced that they are set to step down next month after serving more than 20-year tenures at the company.

Isabelle Ealet and Pablo Salame, the current Global Co-Heads of Goldman Sachs’ Securities Division, stepping down will allow Ashok Varadhan to become the sole head of the bank’s trading business, no longer acting as Co-Head alongside his retiring colleagues.

See also:

The changes come as Goldman looks to restructure its trading business after has seen its performance dip in recent times, resulting in one of the worst years in the company’s history.

The news is according to a memo, obtained by TheStreet, from the company’s CEO Lloyd Blankfein who plans to step down in the near future having recently succeeded in a personal battle with cancer.

“During his tenure at Goldman Sachs, Pablo has helped lead the securities division through a difficult macro environment, a complex regulatory landscape and important strategic changes,” Blankfein wrote in the memo, according to TheStreet.

Speaking of Ealet, Blankfein said, “as a division head, she put an emphasis on maintaining our ability to serve the full range of our clients' needs.”

With such significant changes in the hierarchy at the US financial services giant, more similar shakeups at the company are expected to come over the course of the coming months.


Featured Articles

Patagonia Chair Charles Conn on becoming an imperfectionist

Entrepreneur and Patagonia Chair Charles Conn talks to Business Chief about rethinking strategy amid uncertainty, and why an imperfectionist approach works

Top 10 most valuable brands in the world – Amazon to TikTok

Business Chief takes a look at the top 10 most valuable brands in the world, according to Brand Finance, which puts 5,000 major companies to the test

Four priorities for new Twitter CEO Linda Yaccarino

Elon Musk confirmed on Friday that Linda Yaccarino, who most recently worked as Chairman of Global Advertising at NBCU, would become Twitter's new CEO

Top 10 shifts transforming organisations – McKinsey & Co

Leadership & Strategy

Top 10 fastest-growing jobs in the world according to WEF

Technology & AI

Top 10 female Chief Information Officers in North America

Digital Strategy