Goldman Sachs is tapping a new generation to lead key Wall Street divisions

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Goldman Sachs has promoted a new generation of executives to lead its key investment and trading businesses as the bank improves its top rankings and prepares to contribute to Wall Street’s expected recovery under the US President Donald Trump.

The New York-based bank has appointed new global heads for its fees, fixed income and banking businesses, as well as a leadership change on its international side, it said Tuesday.

The changes highlight Goldman’s efforts to refresh its leadership bench and position itself for future challenges, as the firm navigates changing markets.

Erdit Hoxha, Cyril Goddeeris and Dmitri Potishko will manage the finance department. Kunal Shah, Anshul Sehgal and Jason Brauth will lead the fixed income segment. Meanwhile, Kim Posnett, Matt McClure and Anthony Gutman have been appointed to oversee the investment banking franchise.

The promotions are the culmination of a year-long effort to find ways to retain and promote top talent now that CEO David Solomon and president John Waldron have recently confirmed their positions at the top of the firm.

Last week, the bank announced $80mn plans to save five years for both of them, and creating a private equity-type compensation plan to reward top leaders with a share of the profits from the firm’s other investments.

The program will include some proposed on Tuesday in a bid to curb poaching efforts by rival banks and private equity and hedge funds, people familiar with the plans said.

The changes mean 15 new people have been added to the firm’s management committee, bringing its total to 39. Six of the new arrivals are based in London or Hong Kong, reflecting the importance of Goldman’s businesses. overseas.

The global banking and emerging markets division accounts for two-thirds of Goldman’s revenue. It includes investment banking and retail and trading.

In a major move, Shah and Gutman will also take on the roles of chief executives of Goldman Sachs International. They succeed Richard Gnodde, a veteran banker who is stepping down after leading the international business for more than a decade. Gnodde will assume the position of vice chairman.

“This group of leaders represents the best of our tradition of excellence, customer service and collaboration. They have made outstanding contributions throughout their careers to our customers, operations and business leadership. us,” said David Solomon.

Goldman’s other major division, asset and wealth management, announced a similar change last year.