- Goldman Sachs announced a series of leadership changes at the top of the bank on Tuesday.
- Among the changes, the bank expanded the ranks of its management committee.
- It appointed three global co-heads of investment banking ahead of an expected pickup in dealmaking.
Goldman Sachs on Tuesday announced a series of leadership appointments, expanding the size of its management committee and elevating a series of executives to its top ranks.
The management committee, established in 1965, is responsible for helping steer the firm’s strategy, policy, and other management matters. It tends to be comprised of the firm’s next generation of leaders.
The shakeup comes as the bank prepares for at least another five years of leadership under CEO David Solomon and right-hand man, President and COO John Waldron. Solomon has been transforming the bank since he took over in 2018, including efforts to increase collaboration across divisions and boost the asset and wealth management division.
Last week, Goldman reported a more than 100% increase in profits amid an upswing in dealmaking activity. Wall Street has been bracing for a thaw in mergers and public issuances as a new presidential administration gets underway.
“This group of leaders represents the very best of our culture of excellence, client service and teamwork,” Solomon said in a statement that accompanied the announcements. “They have made outstanding contributions throughout their careers to our client franchise, operations and market-leading positions across our business. I am excited to work with them in their new roles as we continue to advance our strategic objectives.”
Here’s a rundown of the changes Goldman announced Tuesday.
The following executives will join the bank’s management committee, its most senior group of leaders:
- Matt McClure, Anthony Gutman, and Kim Posnett are set to become global co-heads of investment banking.
- Jason Brauth, Kunal Shah, and Anshul Sehgal will become global co-heads of fixed income, currency, and commodities.
- Dmitri Potishko, Cyril Goddeeris, and Erdit Hoxha will become global co-heads of equities.
- Kevin Kelly and Sam Morgan will become global co-heads of client coverage for global banking and markets — public.
- Anthony Gutman and Kunal Shah will become co-chief executive officers of Goldman Sachs International.
- Richard Gnodde will become vice chairman of Goldman Sachs.
- Francois-Xavier de Mallmann will become chairman of Goldman Sachs EMEA, and retain his current role as chairman of investment banking.
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Will Bousquette, chief operating officer of asset and wealth management; Kathleen Connolly, global director of Internal Audit; and Marie Louise Kirk, chief administrative officer for Asia Pacific, will maintain their roles and also join the management committee.
In addition to those appointments, the bank named two partners — John Storey and Tony Pasquariello — to be co-heads of its crucial One Goldman Sachs initiative, alongside existing head and partner Meena Flynn.
What’s more, longtime partner Jack Sebastian will become vice chairman of the firm; and Suhail Sikhtian and Marshall Smith will become chairman of investment banking, in addition to their current duties. (Last year, Sikhtian, who leads natural resources investment banking at Goldman, was named one of 2023’s most successful bankers by deal volume, completing nearly $150 billion worth of transactions, according to MergerLinks data.)
