The restructuring of the Goldman Sachs FX team continues as Robert Wade, the head of electronic foreign exchange sales leaves the bank, according to Efinancialcareers.
His departure comes at a time when Goldman Sachs revenues in fixed income, currency and commodities (FICC) have plummeted over 13 percent in the last three months. FICC revenues contributed to an overall decline in investment bank performance for the second consecutive year.
FICC generated $5.9 billion of revenues in 2018, its lowest level in 20 years. The cumulative decline over the last three years was 22 percent, worse than most of Wall Street peers.
Wade joined the U.S. investment bank from Deutsche Bank in December 2017 and was based in London. During his seven-year tenure with the German lender, he retained a similar role where he managed FX sales team covering corporate and institutional clients.
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A lengthy career in FX industry
Robert joined Deutsche Bank in 2010 to take the newly-created position of corporate electronic foreign exchange sales in Europe, the Middle East and Africa (EMEA) and North America, and also served as a member of the bank’s corporate FX executive management committee.
Prior to Deutsche Bank, Mr. Wade has been a mainstay in the FX industry for over 10 years, working at multiple lenders, based entirely out of New York before locating to London. He initially made his foray into the financial services space back in 1998 with JPMorgan Chase where he spent a decade in several senior roles including overseeing the investment bank’s electronic FX trading business globally.
He then moved to take on the position of director and head of strategic initiatives within Citigroup’s Wall Street office, leading the development of its business model across treasury services and foreign exchange business.
As well as his banking roles, Wade is the co-founder of tech start-up Grüper, an app that aims to boost productivity through social media.