Goldman Sachs hires Wells Fargo executive to lead transaction banking
Reuters
Published Dec 11, 2023 12:03PM ET
Updated Dec 11, 2023 12:21PM ET
By Saeed Azhar
NEW YORK (Reuters) - Goldman Sachs has hired former Wells Fargo executive Paul Camp as its new head of transaction banking, according to a memo seen by Reuters.
The bank had fired several executives in the transaction banking unit in September after they violated the firm's communications policy, according to a memo seen at the time by Reuters.
The executives included the head of the unit Hari Moorthy, sources had told Reuters.
Camp, who will also become a Goldman partner, most recently served as head of global treasury management at Wells Fargo, and prior to that he was CEO of treasury services at BNY Mellon (NYSE:BK), according to the memo.
Before the appointment, the Wall Street giant had assigned its treasurer, Philip Berlinski, to take over day-to-day management of the business alongside Akila Raman and Luc Teboul.
Raman and Teboul will work closely with Camp and continue to drive the transaction banking business, managing it day to day, the memo said. Camp will report to Berlinski.
Financial firms have faced increasing scrutiny over employee communications in recent years. U.S. regulators have so far fined dozens of Wall Street firms collectively more than $2 billion for failing to keep tabs on employees' use of "off-channel" communications including text messages and WhatsApp.
Goldman Sachs was among the first wave of big banks to receive stiff penalties from regulators for such recordkeeping failures.
Goldman Sachs said in the memo the latest appointment underscores the firm's commitment to growing its transaction banking business.
Transaction banking is a small part of Goldman Sachs' revenue, having only opened in 2020. It posted revenue of $233 million in the first nine months of the year, compared with firm wide revenue of $35 billion in the same period.
Rival JPMorgan and Citigroup are much larger players in the space.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.