Goldman Sachs banking, trading co-head Jim Esposito to retire
Reuters
Published Jan 29, 2024 09:00AM ET
Updated Jan 29, 2024 04:01PM ET
By Lananh Nguyen and Niket Nishant
(Reuters) -Jim Esposito, co-head of Goldman Sachs' global banking and markets division, plans to retire after almost three decades at the bank, the latest executive to leave the Wall Street giant in recent months.
Esposito, who jointly runs Goldman's powerhouse trading and investment banking unit alongside Dan Dees and Ashok Varadhan, will leave around the end of the quarter and become a senior director. Esposito has also served as the co-chair of Goldman's partnership committee since 2021.
"I leave with zero regrets," Esposito told Reuters in an interview on Monday. "I've accomplished everything I set out to do at Goldman Sachs, so now is the time to find new challenges and adventures" that are different from his previous role, he said.
Esposito, 56, cited his work unifying the banking and trading businesses, helping Goldman maintain its lead in mergers and acquisitions rankings for two decades, and regaining its top spot in equities as his biggest achievements at the bank.
The Wall Street behemoth merged its banking and trading division in 2022 in a shakeup that eventually shifted its focus back to the traditional mainstays and away from an ill-fated foray into consumer banking.
Other high-profile leaders have also departed from Goldman in recent months. Asset management executive Julian Salisbury joined investment firm Sixth Street, and Dina Powell McCormick (NYSE:MKC), the former head of Goldman's sovereign business, left for merchant bank BDT & MSD Partners.
Goldman's fourth-quarter profit beat estimates as its equity traders capitalized on a market recovery and revenue from asset and wealth management rose. The results offset several quarters marred by writedowns from the retail business and critical comments in news reports about Solomon's leadership.
Goldman's board has backed Solomon as he moved to concentrate on core businesses, according to analysts and sources familiar with the situation.
In a career spanning fixed income, equities and investment banking, Esposito "helped our businesses navigate extraordinary change in our industry, including structural developments driven by technology and regulation," CEO David Solomon wrote in a memo announcing the departure seen by Reuters.
Esposito joined Goldman in 1995 as a salesperson for emerging markets debt, according to his company biography. He was promoted to managing director in 2002 and became a partner four years later.
Get The News You Want
"I thrived given the variety of experiences on offer but ultimately you reach a point where opportunities for change become more limited," Esposito wrote in a message to colleagues seen by Reuters, noting that he didn't have formal plans for a next move.
His departure was first reported by the Wall Street Journal.
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.