Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets, named Justin Gmelich global head of credit trading as part of management changes in the wake of high-level departures.
Jeffrey L. Verschleiser will become global head of mortgage trading, according to an internal memo obtained by Bloomberg News. Gmelich and Verschleiser fill roles that were held by Donald R. Mullen until his departure earlier this year. Michael DuVally, a spokesman for the New York-based firm, confirmed the memo’s contents.
Paul Russo, Michael Daffey, and R. Martin Chavez were named co-chief operating officers of the equities division, according to the memo.
The promotions follow the departure earlier this year of David B. Heller, who was the securities division chief with the most experience in equities trading. Enrico Gaglioti was named global head of equities sales, and John Willian will be global head of securities services, futures, and clearing, according to the memo.
Ashok Varadhan, who was recently named to the firm’s management committee, will become global head of macro trading, encompassing currencies, interest-rate products and fixed-income, currencies and commodities for emerging markets, according to the memo. Kostas Pantazopoulos, who oversees global interest-rate products trading, will take on oversight of macro trading in Asia outside Japan, according to the memo.
Ram Sundaram, global head of principal funding and investment, also will manage fixed-income, currencies and commodities trading in Latin America. Nick Burgin was named global head of foreign exchange trading for group of 10 nations, according to the memo. Those promotions follow the departure in January of Edward K. Eisler, who had been a co-head of the securities division with Heller.
Thomas Cornacchia will become head of sales for fixed-income, currencies and commodities in the Americas, according to the memo.
The memo was signed by Isabelle Ealet, Pablo J. Salame and Harvey M. Schwartz, the three co-heads of the securities division that accounts for most of Goldman Sachs’s revenue.
Dow Jones reported on the changes earlier today.