United States banking major Goldman Sachs Group has promoted several “star executives” to key positions on its Wall Street lines, in a complete revamp of its leadership, according to a Bloomberg News report.
The bank has made new appointments for its equities, fixed-income, and banking units, named new co-heads of the international unit, and dramatically expanded the management committee, the report added.
Two Indian-Americans in Goldman Sachs’ Leadership
Two Indian Americans, Anshul Sehgal and Kunal Shah, have been tapped to run Goldman Sachs’ fixed income business, along with Jason Brauth.
Further, Shah is also becoming co-CEO of Goldman Sachs International alongside Anthony Gutman. According to the Financial News London, Shah has 20 years experience at Goldman Sachs and called his promotion a “rapid rise”.
Shah became MD at Goldman at 27, in 2008, just six years after joining as a graduate from the University of Cambridge. Four years later he became the youngest person to be named partner at the Wall Street bank.
While no other information was available for Anshul Sehgal, the Goldman Sachs website showed that he was appointed as MD from January 1, 2014, before being further elevated to Partner in 2018.
New Leadership Appointed by Goldman Sachs
Among the new leaders are: Erdit Hoxha, Cyril Goddeeris and Dmitri Potishko will oversee equities; Kunal Shah, Anshul Sehgal and Jason Brauth will run fixed income; and Kim Posnett, Matt McClure and Anthony Gutman who will lead banking.
Shah and Gutman are becoming co-chief executive officers of Goldman Sachs International in addition to their new roles. Richard Gnodde, 64, will step down from running the international business, and is becoming vice chairman of Goldman Sachs.
Further, Sam Morgan and Kevin Kelly will run client coverage for the firm’s trading business; Francois-Xavier de Mallmann, chairman of investment banking, will become chairman of Goldman Sachs EMEA. He will join the management committee along with the new division heads, in addition to Will Bousquette, chief operating officer of the asset and wealth business, Kathleen Connolly, the bank’s global director of internal audit, and Marie Louise Kirk, chief administrative officer for Asia-Pacific.
Goldman Sachs Promotions Lack Representation from Women
The report noted that the promotions, which came after over a year of considering, are “male-heavy”. The new roster seeks to “shape the bank’s development of operations” and amount to the most significant promotions in the core team since David Solomon was appointed as CEO.
It adds 15 people to Wall Street’s most prestigious firms’ management committee, but lacks gender representation in the senior rungs. While three new appointees to the management committee are women (taking the total to nine), due to the expanded leadership, the proportion of women is down to 22 per cent from 25 per cent.
(With inputs from Bloomberg)