Goldman Sachs management committee is getting an overhaul: Wall Street Journal



A previous version of this story contained incorrect information about the management changes at Goldman Sachs. The story has been updated.

Two members of the management committee at Goldman Sachs Group Inc. have departed the key ruling body at the bank as it reshuffles the roles of its most powerful senior executives, the Wall Street Journal reported on Friday.

Under Chief Executive David Solomon and President John E. Waldron, the bank is mulling the launch of two new committees to help run the lucrative markets unit and investment-banking division at Goldman Sachs
GS,
+1.04%,
the report said.

George Lee and Alison J. Mass have both left the management committee, the newspaper reported, citing people familiar with the situation.

Lee is co-head of the office of applied innovation as well as former co-chief information officer at the bank, according to the Goldman Sachs website.

Mass is chair of investment banking and was former global head of the financial and strategic investors group in the investment-banking division.

A Goldman Sachs spokesperson contacted by MarketWatch declined to confirm the report.

“Final decisions haven’t been made,” the spokesperson said.

The report surfaced just days after the firm announced in an internal memo that management-committee member Jim Esposito, co-head of global banking and markets, will retire after 29 years and become senior director at Goldman Sachs.

“Jim represents the very best attributes of Goldman Sachs — partnership, client service, excellence and integrity,” Solomon said in the memo, which was seen by MarketWatch.

In another change to the top echelon of Goldman Sachs leadership, the bank’s independent lead director, Adebayo Ogunlesi, is joining BlackRock Inc.
BLK,
+0.39%.

The move is part of BlackRock’s $12.5 billion acquisition of Global Infrastructure Partners, the private-equity firm founded by Ogunlesi.

Under Solomon, Goldman Sachs has realigned its businesses into three main units: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. It has also sold off its GreenSky lending unit and shed thousands of jobs in the process.

Goldman Sachs shares rose 1% on Friday. The stock has risen 4.8% in the past year, compared with a 13.9% increase by the Dow Jones Industrial Average
DJIA.

Also read: Goldman Sachs, Jefferies stand out among undervalued big banks, Oppenheimer says



Source link

Scroll to Top