Goldman's Ariburnu Exits as Esposito Named Co-Head of FICC Salesby
Goldman Sachs Group Inc.’s Dalinc Ariburnu is leaving the firm and being replaced as co-head of sales for fixed-income, currencies and commodities by Jim Esposito.
Ariburnu, 46, spent seven years at the New York-based bank, according to an internal memo Friday from securities division leaders Isabelle Ealet, Pablo Salame and Ashok Varadhan. Esposito, named chief strategy officer for the securities unit in February, will keep that role while sharing sales duties with Tom Cornacchia, according to a second memo, which was obtained by Bloomberg News and confirmed by spokesman Michael DuVally.
Goldman Sachs is shrinking fixed-income operations as it grapples with a multiyear trading slump that helped drive firmwide revenue in the first quarter to the lowest in Chief Executive Officer Lloyd Blankfein’s decade-long tenure. The bank is cutting about 8 percent of workers in the FICC unit, more than the annual 5 percent cull of underperformers.
Ariburnu joined Goldman Sachs as a partner in 2009 after working at Deutsche Bank AG. Esposito started at the firm in 1995 as a salesman in emerging-market debt, and was named a managing director in 2002 and partner in 2006. He is a member of the management committee.
Reuters reported the moves earlier Friday.