Oct. 29 (Bloomberg) -- Magid N. Shenouda, Goldman Sachs Group Inc.’s London-based co-head of commodities trading, is leaving the bank.
Shenouda joined the firm in 1999 and became a partner in 2008, according to an internal memo from Pablo Salame and Isabelle Ealet, co-heads of the trading division. Michael DuVally, a company spokesman, confirmed the contents of the memo and declined to elaborate. Gregory A. Agran is Shenouda’s New York-based co-head.
Goldman Sachs is among banks whose ability to participate in the commodities markets is being examined by the Federal Reserve. The Fed is conducting a review while U.S. lawmakers and regulators raise concerns that banks might abuse their various roles in physical commodities markets, or that the businesses pose risks to the firms’ financial stability.
“We have a long, long investment in the commodity business, and we have at this stage no intention of selling our business,” Chief Financial Officer Harvey Schwartz said in a conference call this month after Goldman Sachs reported third-quarter results. “We’re very committed to our clients here. And so we’ll just work with the regulators.”
Shenouda previously ran the New York-based bank’s European crude oil and products trading unit and its European gas and power trading business.
“He has been responsible for driving several key acquisitions, as well as the expansion of our business activities into new regions and products, including the build-out of our energy, coal, freight and emissions franchise,” Ealet and Salame wrote in the memo.
Spark Spread reported on the departure earlier today.
To contact the reporter on this story: Michael J. Moore in New York at email@example.com