Goldman Sachs on Wednesday announced a big shake-up within its securities and investment banking divisions.
Most notably, Jim Esposito, who was cohead of the global-financing group, will join the securities division as chief strategy officer.
That role is going to be critical.
The securities business houses equity sales and trading, which had a good 2015, and fixed income sales and trading, which has had a tougher time of it.
The memo announcing Esposito’s appointment highlighted some of the challenges the business faces, and the opportunities ahead.
The industry is “undergoing extraordinary change,” according to the memo, and competitors are retrenching.
“As a result, we see significant opportunity to work more deeply and expansively with an even larger set of clients,” reads the memo, which was signed by securities division coheads Isabelle Ealet, Pablo Salame, and Ashok Varadhan.
That is where
Esposito, who has been based in London, comes in. He will focus on growing the firm’s client franchise, according to a memo.
“The ability to deliver the full range of products and services we offer to our clients is more valuable today than any other time that we can recall. Our mission is to adjust our practices and aspirations in a way that takes into account structural developments and our strong market position,” the memo said.
He joined the bank in 1995 as a salesperson in FICC in emerging-markets debt. He later became COO of the investment-banking division, a role seen internally as a pathway to a bigger future role, and then moved to London to become head of the Europe, Middle East, and Africa financing group.
To get the must-read guide to the key issues at every major Wall Street bank, click here.
Business Insider Emails & Alerts
Site highlights each day to your inbox.