Yet another key change in Goldman Sachs’ leadership was revealed on Thursday with the firm’s co-head of stock-trading, Paul Russo, set to exit the firm. The move was announced by The Wall Street Journal which said it received the information from a person with knowledge of the matter, without revealing their identity.
According to the report, Russo is currently negotiating his departure and is expected to leave in the coming weeks. He will be the first senior departure from Goldman Sachs as the incoming Chief Executive Officer, David Solomon, is setting his own team and priorities.
Russo has been running Goldman’s equities business since 2012. He originally began working at Goldman Sachs in New York as a summer associate in 1989 in Trading and Arbitrage. In 1990 he joined the firm full time, working in US Equity Derivatives. Last year, Goldman’s equities unit brought in $6.6 billion in revenue.
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David Solomon is building his team at Goldman Sachs
Over the past week, a suite of changes has been announced at Goldman Sachs. Last Friday, Finance Magnates reported that the incoming CEO David Solomon named John Waldron as Chief Operating Officer, effective on October 1, 2018. He will also be the firm’s next president.
Waldron initially joined Goldman Sachs in 2000. A year later he became managing director and then partner in 2002. Currently, Waldron is the Co-Head of the Investment Banking Division. He has held this position since 2014.
Stephen Scherr, a veteran at the bank, will become the Chief Financial Officer. His position will become effective on November 5 after Goldman Sachs will have filed its third-quarter results. Scherr is replacing Goldman’s current CFO, Martin Chavez, who has been moved back to the securities division which he will Co-Head with Ashok Varadhan and Jim Esposito.
This week, it was also announced that according to an internal memo seen by Reuters, Tim O’Neill has been named as vice-chairman of Goldman. O’Neil has been with the firm since 1985. Five years later, he was named as a partner of the Wall Street bank.