US banking giant Goldman Sachs Group has promoted several “star executives” to top Wall Street positions in a complete shake-up of its management team, Bloomberg News reported.
The report added that the bank has made new appointments in its equities, fixed income and banking divisions, appointed a new co-head of its international division and significantly expanded its management board.
Two Indian-Americans appointed to Goldman Sachs management team
Two Indian-Americans, Anshul Sehgal and Kunal Shah, have been selected to run Goldman Sachs’ fixed income business, along with Jason Braus.
In addition, Mr. Shah will become co-CEO of Goldman Sachs International alongside Anthony Gutman. Mr. Shah, who has 20 years of experience at Goldman Sachs, called his promotion a “rapid rise,” according to Financial News London.
Shah became Goldman’s MD in 2008 at the age of 27, just six years after joining the firm as a Cambridge University graduate. Four years later, he became the youngest person to be named a partner at a Wall Street bank.
No other information about Mr. Anshul Sehgal was available, but according to the Goldman Sachs website, he was appointed MD from January 1, 2014, and was further promoted to partner in 2018.
New management team appointed by Goldman Sachs
Among the new leaders, Erdit Hoxha, Cyril Godialis and Dmitri Potishko will oversee the stock. Kunal Shah, Anshul Sehgal and Jason Braus will manage the fixed income securities. and Kim Posnett, Matt McClure, and Anthony Gutman, who will lead the banking industry.
In addition to their new roles, Mr. Shah and Mr. Gutman will serve as co-chief executive officers of Goldman Sachs International. Richard Gnodde, 64, will step down from international business management and become vice chairman of Goldman Sachs.
In addition, Sam Morgan and Kevin Kelly will be responsible for client coverage of the firm’s trading business. Francois-Xavier de Marman, chairman of the investment banking division, will become chairman of Goldman Sachs EMEA. He joins 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, as new division heads. He will join the management committee along with others. -Pacific.
There is a lack of female representation in Goldman Sachs’ promotions.
The report said the promotions, which came after more than a year of deliberations, were “male-oriented.” The new roster aims to “shape the bank’s business development” and is the most significant promotion in the core team since David Solomon was appointed CEO.
Fifteen people will be added to the management committees of Wall Street’s most prestigious companies, but there is a lack of representation of men and women in senior leadership. Three of the new trustee appointments (for a total of nine) are women, but the expansion of leadership has reduced the proportion of women from 25% to 22%.
(Information provided by Bloomberg)
