Goldman Sachs Group Inc. (GS), the bank that generates the most revenue from equity trading worldwide, named R. Martin Chavez, one of the leaders of that business, to its management committee.
Goldman announced Chavez’s appointment in an internal memo from Chief Executive Officer Lloyd C. Blankfein and President Gary D. Cohn that was obtained by Bloomberg News. Michael DuVally, a spokesman for the New York-based firm, confirmed the contents of the memo. Chavez runs the equity-trading business with Michael D. Daffey and Paul M. Russo.
Chavez, 48, is a director of the International Swaps and Derivatives Association and oversees Goldman Sachs’s principal strategic investments group, which invests in exchanges and other trading facilities. He has co-founded technology companies Quorum Software Systems and Kiodex, according to the memo.
“Marty’s previous work in the technology industry, his cross-divisional experience and his deep insight into regulatory reform, market structure and operational infrastructure will add a unique perspective to the management committee,” Blankfein and Cohn wrote in the memo. “This will be particularly valuable as our sales and trading businesses, and the ways in which our clients transact, continue to evolve.”
Goldman Sachs generated $8.2 billion of revenue from equity trading, almost $3 billion more than its closest U.S. competitor, Morgan Stanley. Goldman disclosed last week that $1.08 billion of that revenue came from its reinsurance business, which it is considering selling.
The management committee will remain at 30 members once David Viniar, the firm’s chief financial officer until the end of this month, departs and joins the board of directors. Reuters reported the appointment earlier today.
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