Goldman Appoints Esposito to Succeed Schiller as COO of Investment Banking
Stock Chart for Goldman Sachs Group Inc/The (GS)
Goldman Sachs Group Inc. appointed James P. Esposito, who worked in the debt capital markets unit, to succeed Howard Schiller as chief operating officer of the firm’s investment-banking division, according to an internal memo.
Esposito will report to David Solomon and John S. Weinberg, co-heads of investment banking, who reported the change in the memo to employees. The contents of the memo were confirmed by Michael DuVally, a spokesman at the firm. Schiller is retiring.
“Jim will focus on increasing global connectivity and driving best business practices across products and regions,” Solomon and Weinberg said in the memo. “In addition, Jim will oversee the activities related to the division’s key day-to-day operations.”
Goldman Sachs’s investment-banking division, which includes merger advisory and debt and equity underwriting, contributed 6 percent of the firm’s pretax earnings in the first half of 2010, compared with 5 percent in the same period last year. Esposito had been global head of the teams that help raise debt financing for investment-grade borrowers, the public sector and infrastructure projects.
Jonathan Fine, managing director on the U.S. investment- grade syndicate desk, will become head of the desk, DuVally said. Fine was promoted to managing director in 2007.
Esposito, who joined Goldman Sachs in 1995 in emerging- markets sales, will continue to serve the financing needs of some large global clients, the memo said. He became a managing director in 2002 and a partner in 2006.
Dow Jones Newswires reported Esposito’s new role and Fine’s promotion earlier today.
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