(Bloomberg) — Goldman Sachs Group Inc. is promoting a slate of star executives to run its biggest Wall Street business lines, spotlighting the firm’s next generation of leadership.
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The bank, which just reported a surge in profit, is tapping new global leaders for its equities, fixed-income and banking units, according to people with knowledge of the matter, who asked not to be named discussing personnel decisions. It also names new co-heads of its international unit and dramatically expands its management committee.
Erdit Hoxha, Cyril Goddeeris and Dmitri Potishko will oversee equities; Kunal Shah, Anshul Sehgal and Jason Brauth are set to run fixed income; and Kim Posnett, Matt McClure and Anthony Gutman will lead banking.
Shah and Gutman are becoming co-chief executive officers of Goldman Sachs International in addition to their new roles. Richard Gnodde, 64, will step down from running the international business, and is becoming vice chairman of Goldman Sachs.
The promotions cap more than a year of deliberation inside Goldman over how to designate the firm’s next generation of leaders, giving them more influence in shaping the development of its operations. The division-head roles being filled aren’t part of the bank’s current structure, with managers reporting to executives who oversee the broader banking and markets segment.
Altogether, the changes amount to the most significant elevation of Goldman’s future leadership outside of Chief Executive Officer David Solomon’s core team in recent years.
A spokesperson for the New York-based firm declined to comment.
Sam Morgan and Kevin Kelly will run client coverage for the firm’s trading business.
Francois-Xavier de Mallmann, chairman of investment banking, will become chairman of Goldman Sachs EMEA. He will join the management committee along with the new division heads, in addition to Will Bousquette, chief operating officer of the asset and wealth business, Kathleen Connolly, the bank’s global director of internal audit, and Marie Louise Kirk, chief administrative officer for Asia-Pacific.
In total, 15 people are joining Goldman’s management committee, lifting its membership by more than 50%.
Solomon, Waldron
Such promotions reflect a broader attempt at the bank to hold on to talent as Chief Executive Officer David Solomon retains his grip on the top job. On Friday, the bank handed both Solomon and John Waldron, the president and chief operating officer, an $80 million retention bonus to keep them until at least 2030.