This summer, Goldman Sachs is opening a physical commodities sales and trading office in Houston.
The firm wants to “establish a local trading and sales presence for clients in Houston,” according to Bloomberg.
The man who will head the office is Trey Griggs.
He’s a managing director in energy sales in New York, so he’ll be relocating to Houston, as will the head commodities trader Ben Freeman, who will be decamping to Houston from London.
Freeman was an analyst at Enron for just over two years before he became part of the Blankfein brigade.
According to his LinkedIn profile, he did “analyst-level work for power trading, structuring, and business development.” Just under a year later, Goldman Sachs JAron division scooped him up.
He’s worked there for almost nine years, and “currently run[s] the London oil derivatives book for Goldman.”
He said he uses “derivatives to hedge price and volatility risk for oil producers, airlines, utilities, hedge funds, transportation companies, banks, and sovereign countries.”
He graduated from Columbia University in 1999, with a BA in Economics and Philosophy .
His boss, Griggs, heads up Goldman’s US Energy Risk Management team, “which is responsible for the firm’s relationships with oil, natural gas and oil products market participants.” He joined the bank in 2002 and was made a managing director in 2008.
In the 2005 prospectus, Griggs said about the bank, “We have reinvented ourselves many times, and it is that reinvention and creativity that keep us alive.”
He’s also in charge of recruiting Wharton grads to Goldman’s securities unit, where he earned an MBA in 2001.
Griggs has two other degrees: a BA from Vanderbilt University and a JD from the University of Houston, which he put to use as a lawyer in South Carolina and Texas.
Fun fact: in 2002, when asked by the Wharton Journal if the finance curriculum receives too much emphasis, Griggs answered: “Absolutely. Finance is not rocket science. You can teach a reasonably intelligent seal to calculate a hedge ratio. Leadership, on the other hand, is a science that takes a lifetime to study and learn.”
But Griggs’ best Wharton Journal mention was for a column titled, “Everything I need to know I learned as a first-year: Wharton second-years pass on the wisdom of what THEY wish they had known one year ago.”
Griggs’ response: “Red Bull and Vodka. Also, the people matter a hell of a lot more than the class work.”
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