Sara Recktenwald, Goldman Sachs Group Inc.’s top trading executive on the West coast, is stepping down after 28 years at the firm, and Matthew Verrochi is moving from New York to San Francisco to replace her.
Recktenwald, 50, will leave at the end of the year and become an advisory director for the company, according to a memo sent by the co-heads of the New York-based bank’s securities division, Isabelle Ealet, Pablo Salame and Ashok Varadhan. Verrochi, head of cross-asset sales, will become regional head of the division in San Francisco, according to a separate memo.
Recktenwald, one of the top women in the firm’s sales and trading division, moved from New York in 2009 as part of Goldman Sachs’s push to devote more resources to the growing asset-management industry in San Francisco, Los Angeles and Seattle. The bank held its annual shareholder meeting in California this year as it sought to highlight the business it does with technology companies and other clients in the region.
Recktenwald, who joined in 1987 and became a partner in 2006, rose through fixed-income sales. She previously led the pensions, endowments and foundations group as well as the hedge-fund industry group.
Verrochi joined Goldman Sachs in 2004 and was named a partner last year.