Goldman Sachs’s Saidenberg Moving to Commodities Head
Goldman Sachs Group Inc., which earned a third of its profit from trading last year, moved Guy Saidenberg from head of global foreign-exchange trading to allow JPMorgan Chase & Co. (JPM)’s Kayhan Mirza to assume the job.
Saidenberg, who was named to the currencies post last year, becomes global co-head of commodities trading with Greg Agran in June, New York-based Goldman Sachs said in a March 28 internal memo. That’s when Mirza joins as a partner and London-based chief of the unit that Saidenberg ran, the bank said in a separate memo.
Michael DuVally, a spokesman for Goldman Sachs, confirmed the appointments and declined further comment, as did JPMorgan’s Brian Marchiony. Saidenberg declined to comment through an associate in his office.
Currency-trading revenue at the 10 largest global investment banks declined 9 percent in 2013, according to industry analytics firm Coalition Ltd. Goldman Sachs Chief Financial Officer Harvey Schwartz said in October that the firm’s currency business had “difficulty managing inventory” in the third quarter as the company posted its worst fixed-income trading revenue since the financial crisis.
Saidenberg joined Goldman Sachs in 1999 on the interest-rate products trading desk and was named a managing director in 2005 and partner the following year, according to the memo. He will also continue as head of Europe, Middle East and Africa emerging markets trading, the firm said.
Bloomberg News reported Goldman Sachs’s hiring of Mirza, who oversaw JPMorgan’s EMEA foreign-exchange trading and was global head of FX options trading, on March 5. The Wall Street Journal reported Saidenberg’s new role earlier today.
To contact the editors responsible for this story: Peter Eichenbaum at email@example.com Steven Crabill, Rick Green