Goldman Sachs Group Inc., which gets the largest share of revenue from trading among U.S. banks, promoted sales executive Stacy Bash-Polley to expand its relationships with those clients.
Bash-Polley, 45, will take on a newly created role as head of client relationship management and strategy in the Americas, according to an internal memo obtained by Bloomberg News. Tiffany Galvin, a spokeswoman for the New York-based firm, confirmed the memo’s contents.
Chief Executive Officer Lloyd C. Blankfein, 59, has been trying to win market share from rivals that are pulling back from trading businesses amid revenue declines and higher capital requirements. Goldman Sachs’s trading revenue fell 12 percent in the first half of the year, the fifth consecutive first-half decline.
Bash-Polley is currently head of sales for all U.S. interest-rate, currency, mortgage and emerging-market products. In her new role, she’ll oversee the firm’s institutional client group, which is run by Valentino Carlotti, and will report to Tom Cornacchia, 51, global head of fixed-income, currency and commodity sales, and Paul Russo, the co-head of the firm’s equities-trading business.
She currently manages the bank’s trading relationship with BlackRock Inc., the world’s largest asset manager. Richie Prager, head of trading and liquidity strategies at New York-based BlackRock, credits her with changing the interaction between the two firms from transactional to a more strategic bond.
“In many ways, her new job is institutionalizing what she has done with BlackRock,” Prager said. “We’re a large client in multiple asset classes and multiple regions that has multiple demands, and she’s been able to be the connective tissue between our two firms.”
Bash-Polley joined Goldman Sachs in 1994, and in 2004 she was named a partner, the firm’s highest rank as a nod to its history as a private partnership before going public in 1999. She serves on the firm’s partnership committee, which selects a new group of partners every other year and will do so later in 2014.