The starting gun has fired on a new race for succession at Goldman Sachs

Chairman and CEO of Goldman Sachs, Lloyd Blankfein. Photo: Orjan F. Ellingvag/ Corbis via Getty Images.

The starting gun has fired on a new race for succession at Goldman Sachs.

That was the news Monday, when Goldman Sachs announced that securities division coheads, Pablo Salame and Isabelle Ealet, are leaving the bank in June.

Their departures end a run atop the bank’s historically strong but struggling securities division that lasted more than a decade for Salame and more than six years for Ealet. They will both stay on as senior directors, according to an internal memo seen by Business Insider.

Their exit leaves Ashok Varadhan as the sole head of the division at a bank that has historically preferred to have multiple division heads, likely leading to questions about who may be elevated to replace Salame and Ealet.

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