- Willian to replace him as co-head of fixed-income sales
- Cornacchia becomes second FICC sales co-head to leave in 2016
Tom Cornacchia, Goldman Sachs Group Inc.’s co-head of fixed-income sales, is leaving after 14 years as the Wall Street firm looks to reverse a multiyear slump in trading.
John Willian, 53, global head of prime services, will succeed him and work with Jim Esposito, the New York-based bank said Wednesday in an internal memo signed by Isabelle Ealet, Pablo Salame and Ashok Varadhan, co-heads of the securities division. Business Insider reported the moves earlier Wednesday.
“As head of prime services, John led a significant restructuring of those businesses to adapt to regulatory change,” they wrote. “With Jim, we are confident that John will further establish FICC as a leading franchise around the world as technology and regulation continue to shape market structure.”
Goldman Sachs is shifting management responsibility as it grapples with a trading slump by finding new ways to work with clients. Salespeople typically call on trading customers to pitch products and ideas and help manage orders. Cornacchia’s former co-head of fixed-income sales, Dalinc Ariburnu, was replaced by Esposito, who also acts as chief strategy officer for the securities unit, earlier this year.
Cornacchia, also 53, who has been in the role since 2013, joined Goldman Sachs in 2002 and became a partner two years later. Willian became a partner in 2002.
Jeff Nedelman, the leader of equities sales in the Americas, will replace Willian as global head of prime services, according to a separate memo obtained by Bloomberg. Nedelman was named a partner in 2004. The prime services business includes prime brokerage, clearing and futures. Jack Sebastian, named a partner in 2006, and Tony Pasquariello, named to partner in 2012, will replace Nedelman as co-head of U.S. equity sales.
Peter Selman, co-head of equities trading, plans to leave the firm, the Wall Street Journal also reported.
Leslie Shribman, a spokeswoman for the firm, declined to comment on Selman.