Goldman Sachs Group Inc (GS.N) has reshuffled the leadership of its research division, according to an internal memo seen by Reuters on Friday.
The changes come as banks are preparing for the latest Markets in Financial Instruments Directive, known as MiFID II, which will change the way that investment research is paid for by clients.
Goldman has elevated Bob Boroujerdi to head of global securities research, where he will also become chair of the securities research operating group and remain head of Americas research.
He was most recently co-chief operating officer of research and chief investment officer for global equity research.
Boroujerdi joined Goldman in 1999 in equity research and later moved to the principal strategies team where he was responsible for technology, media and telecom investments. He left the firm in 2002 and returned in 2008. He was named partner two years later.
Richard Tufft, the co-chief operating officer of research, will retire from Goldman after 15 years. Tufft joined Goldman in 2001 and became partner in 2010.
Amanda Hindlian will rejoin the research division as global chief operating officer. She had served in the executive office where she advised Goldman's senior leaders on strategy. Hindlian joined Goldman in 2001 as a semiconductor analyst in research and served in a variety of roles in the division before joining the executive office in April 2015. She was named partner in 2016.
A Goldman spokeswoman confirmed the contents of the memo.
(Reporting by Olivia Oran in New York; Editing by Bill Rigby)