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Goldman Sachs names new global trading heads
February 29, 2008 / 2:09 PM / 10 years ago

Goldman Sachs names new global trading heads

NEW YORK, Feb 29 (Reuters) - Goldman Sachs Group Inc (GS.N), in the latest in a series of leadership changes, named four co-heads of its securities trading division and expanded its management committee, according to an internal memo.

Taking command of an enterprise that generated $27 billion from sales and trading last year are David Heller, 41, head of global equity trading; Harvey Schwartz, 43, head of global securities division sales; Edward Eisler, 38, global head of macro trading and co-head of emerging markets; and Pablo Salame, 42, co-head of European equities and global co-head of derivatives.

The four join Goldman’s top management committee. Heller and Schwartz are based in New York, while Eisler and Salame work in London.

Goldman tapped its bench of executives to replace Michael Evans, 50, and Michael Sherwood, 43, who on Tuesday were named vice chairmen of the company. Goldman added that Evans and Sherwood would have oversight for the securities division, which trades stocks, commodities, currencies, mortgages, corporate and government debt.

The moves complete a changing of the guard at Goldman spanning 18 months. After former trader Lloyd Blankfein, 53, replaced Hank Paulson as chief executive in 2006, Jon Winkelried and Gary Cohn -- both under 50 -- were promoted to co-presidents.

With their path to the top job shut off, several executives left last year. Among them was Thomas Montag, a former co-head of the securities division, along with Cohn, Evans and Sherwood. Scott Kapnick, an investment-banking co-head, last June joined Highbridge Capital Management to launch a private equity fund.

In a separate memo, Goldman said it added five other executives to the management committee, which has now expanded to 25 members from 16.

    Goldman named two traders; Richard Ruzika, 48, the global co-head of its special situations group; and Donald Mullen, 49, head of U.S. credit sales and trading. Ruzika, like Blankfein, joined Goldman by way of commodities house J. Aron.

    But with much of the company’s management dominated by men who rose through the ranks as traders, Goldman added three bankers to the committee: Yoel Zaoui, 47, head of Europe investment banking; Gordon Dyal, 46, global head of mergers and acquisitions; and Gwen Libstag, 52, who leads a group that weighs potential conflicts of interest triggered by deals.

    “These appointments reflect the growth and importance of our global investment banking business, the significance of mergers and acquisitions to the firm’s global franchise,” Blankfein, Winkelried and Cohn said in the memo. (Reporting by Joseph A. Giannone, editing by Dave Zimmerman)

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