Goldman Sachs has lost a veteran in its foreign exchange (forex) unit, Christopher Taendler, who is departing the multinational firm after making partner just two years ago, according to an internal memo sent by the co-heads of the bank’s securities unit to eFinancialCareers.
The move ends his twenty-year tenure with Goldman Sachs, as Taendler has been with the firm since 1999. During his time he has been instrumental in helping build the company’s emerging markets forex trading in New York.
Taendler’s official title is rather long. He is the co-head of global G10 spot and Americas emerging markets foreign exchange One Delta trading, however, on his LinkedIn, he refers to himself as working in forex and emerging markets trading at Goldman Sachs.
Back in 1999, Taendler originally joined Goldman Sachs’ private wealth management unit in Miami where he was an analyst. From here, he moved to the bank’s New York office and migrated to its fixed income emerging markets team four years later in 2003.
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Taendler has Retired, Sources Say
Taendler has been a partner at Goldman Sachs since 2016 and was named as a managing director five years earlier. His departure so soon after making partner is unusual, however, sources have told eFinancialCareers that he has retired and was not forced out.
The news of Taendler’s retirement comes on the same day that the Wall Street Journal reported that Goldman Sachs is planning on cutting back its commodities-trading unit. The move comes after a review which spanned for a month under the new Chief Executive Officer (CEO) David Solomon, which showed that the falling profits of the unit don’t justify the costs, the article said.
The reduction of the commodities trading arm would be the latest change for Solomon, who has already turned Goldman Sachs on its head in terms of leadership, with the bank making a large number of changes in anticipation for the then-incoming CEO, Solomon. This saw changes of the Chief Operating Officer (COO) and Chief Financial Officer, among other roles.
Three Senior Members at Goldman Sachs Retire in Three Weeks
Furthermore, Taendler is the third senior member to retire from Goldman Sachs in as many weeks. As Finance Magnates reported Konstantin Shakhnovich, the co-head of engineering for the US bank’s securities division and Justin Gmelich, the COO of fixed income, currency, and commodities trading, announced their retirements.