After 16 years, Goldman Sachs Group Inc's Global Head of Equity Sales Enrico Gaglioti will be retiring from the company and become an advisory director, Bloomberg reported citing an internal memo issued by Pablo Salame, Isabelle Ealet and Ashok Varadhan. The contents of the said memo were confirmed by Goldman Sachs Group Inc Spokesman Michael DuVally, the report said.
The three trading co-heads who issued the memo said, "Throughout his career with the firm, Enrico has shown a commitment to innovation. He has played an important role in the expansion and evolution of our market-leading equities franchise, including growing many key client relationships and driving the creation and strategic development of many of our equities businesses."
Gaglioti started working with Goldman Sachs in 1998 and got promoted to the highest position as partner just four years after getting on board the New York-based firm. Before assuming his present position in 2012, he headed the equity sales in North America and managed the firm's portfolio trading and execution services, the report said.
This departure makes Gaglioti at least the third partner from the firm's division and the fourth from the partner, to exit the bank this year. Many companies in Wall Street employees usually leave their firms in February and March after receiving their year-end bonuses which comprises a huge chunk of their pay, the report said.
Last year, Goldman Sachs derived the most revenue in equity trading compared to any other worldwide bank. The bank earned $7.17 billion without including the accounting charges. The figure, however, represented a 16% decline from the figures in 2012 after divesting a hedge fund administration business and as well as a reinsurance unit, operations which were once part of the equities segment, the report said.
Paul Russo and Michael Daffey handle the equities division of Goldman Sachs. Last month, they became part of the bank's management committee, the report said.
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