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Turnover at the top of Goldman Sachs continued, as Reuters reports that the head of the global credit and mortgage business, Don Mullen, has retired. Mullen joined Goldman Sachs 11 years ago from Bear Stearns and guided the credit and mortgage businesses through years of extreme market turmoil.
Reuters reports that the news was announced via internal memo, which is standard practice for the bank, and that a “spokesman confirmed the contents of the memo.”
While the departure is significant, it comes after a very tough year for Goldman’s fixed income business and is yet another indication of the faith senior management have in the depth of their bench.
In reference to two other senior departures from the firm’s trading business, CFO David Viniar said to analysts on company’s earnings call that Goldman has “fantastic people…as good as any…in the industry. But we have people as good as them behind them.”