Goldman Sachs Securities Division Chiefs to Leave Firm

Goldman Sachs Securities Division Chiefs to Leave Firm

Goldman Sachs


GS 0.90%

Group Inc. is shaking up the management of its buying and selling arm, which has struggled in recent times.

Pablo Salame

and

Isabelle Ealet,

two of three executives who oversee Goldman’s highly effective securities division, will depart the agency subsequent month, in accordance to a memo reviewed by The Wall Street Journal.

Their exit leaves

Ashok Varadhan

as the only head of the division at a agency that sometimes prefers a number of co-heads.

Goldman’s merchants have struggled to adapt to postcrisis modifications in buying and selling traits and market situations. Revenue has fallen from a excessive of $33 billion in 2009 to $12 billion final 12 months, and Goldman has ceded market share to rivals, particularly in fixed-income buying and selling.

Mr. Salame joined Goldman in 1996 and got here up on the agency’s emerging-markets buying and selling desk. He has been in his present position since 2008, the longest-serving head of a Goldman division and certainly one of few present Wall Street buying and selling executives to have survived the disaster in a management position.

Ms. Ealet, a French nationwide often known as Izzy, joined in 1991 as a commodities dealer and later ran that division.

Write to Liz Hoffman at [email protected]

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