Goldman Sachs’s Pope Said to Be Leaving Leveraged Loans Post
Michael Pope, a managing director in loan sales at Goldman Sachs Group Inc. (GS), is leaving the firm, according to two people familiar with the matter.
Pope, who joined the bank in 1999, is departing almost two years after being promoted to the firm’s second-highest ranking after partners, said the people who declined to be identified because the move hasn’t been made public. Pope and Tiffany Galvin, a spokeswoman in New York, declined to comment.
Goldman Sachs, the fifth-biggest U.S. bank by assets, has reduced its staff by almost 10 percent from the end of 2010 as its revenue from sales and trading declined. Pope joins other managing directors in corporate debt who have left in the past 12 months, including Courtney Mather, who headed U.S. loan trading, Buckley Ratchford, who ran global bank loan trading and distressed investing and Stephen Hickey, who led global leveraged finance.
The bank said in July that it plans to eliminate $500 million from annual expenses, mostly from compensation, after reporting its lowest first-half revenue since 2005. It employed 32,300 people at the end of June compared with 35,700 in December 2010, according to the bank’s filings.
Chief Financial Officer David A. Viniar, who will end his 32-year career at Goldman Sachs in January, said on a July 17 conference call with investors that the firm expected to reduce “people-related” costs by shifting to a “more junior and less senior weighted head count going forward.”
Harvey M. Schwartz, one of the firm’s three global co-heads from the sales and trading division, will take over as chief financial officer, the New York-based bank said on Sept. 17.
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