Photo: Columbia College
Veteran Goldman Sachs executive Richard Ruzika, chief of the bank’s prop trading unit Global Special Situations, is retiring after almost 30 years with the firm, Dealbook reports.Ruzika will be succeeded by Jason Brown, who has run special situations in Asia since 2007, according to an internal memo sent out last week.
With Global Macro and Principal Strategies now shuttered, Special Situations remains the one prop trading desk to have survived Dodd-Frank… so far.
Ruzika is a veteran of the bank, and like its chief Lloyd Blankfein, rose through the ranks of the securities behemoth as a commodities trader. He ran the division between 2000 and 2007 before being named as the global co-head of special situations.
Ruzika, who’s 51, is a member of the firm’s management committee. He was made a partner in 1998.
In an internal memo, Goldman chief Lloyd Blankfein and COO Gary Cohn thanked “Rich for his many contributions,” and said that “in addition to his substantial commercial contributions, Rich has upheld the high standards of teamwork and integrity which exemplify the firm’s culture… and mentored successive generations of leaders across our business.”
Ruzika earned a degree from Columbia University in 1981 and landed a job at J.Aron (Blankfein’s path into Goldman too) and therefore, with Goldman Sachs, a one year later.
As for his successor, Jason Brown, he’ll stay in Hong Kong to lead the group. He’s been with the bank since 1999.
Before Goldman, Brown was an emerging markets credit analyst and distressed debt investor for Bear Stearns in New York, London and Hong Kong. He was made a partner in 2006.
In the wake of Dodd-Frank, prop traders across the industry have either been dispatched to client-side units or decamped to hedge funds. But even though he’s one of many to have left in the last year, Ruzika is still a big loss for the firm.