Goldman's Jim Esposito to Help Lead Trading in Solomon's Latest Move
(Bloomberg) -- Goldman Sachs Group Inc. named Jim Esposito co-head of its trading division, almost three months after the unit's most-senior leaders departed.
Esposito will join Ashok Varadhan to help lead Goldman Sachs's largest division, according to an internal memo, in a move that ends leadership questions caused by the departure of Pablo Salame and Isabelle Ealet earlier this year. Esposito, who rose up through the banking division, will continue to be based in London.
The revamp marks another step in the David Solomon era taking shape at Goldman Sachs after the firm officially identified him as the successor to Chief Executive Officer Lloyd Blankfein last month. Solomon has already carried out an expansion of the bank's management committee -- its top decision-making body -- and is expected to make other changes in coming months as he builds out his team.
His pick of Esposito also indicates Solomon handing more responsibility to those he's worked with most closely. Esposito previously held senior roles in the investment-banking unit at a time when Solomon was running that group.
Goldman Sachs's trading leadership has been under pressure after the fixed-income business posted its lowest revenue in Blankfein's tenure in 2017, driven by the worst commodities performance in the firm's almost 20 years as a public company. The first half of this year signaled a rebound as trading revenue jumped 24 percent.
To contact the reporter on this story: Sridhar Natarajan in New York at snatarajan15@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson
©2018 Bloomberg L.P.
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
