Goldman Sachs Seeks Stars to Revive Commodities Unit
- Firm is also enlisting dealmakers to pitch corporate clients
- Commodities unit said to struggle in start of third quarter
Bloomberg’s Stuart Wallace discusses plans for the commodities unit at Goldman Sachs. He speaks with Alix Steel on 'Bloomberg Daybreak: Americas.' (Source: Bloomberg)
Goldman Sachs Group Inc., seeking a rebound in its commodities business after a bout of losing trades dented earnings, has a plan built around hiring fresh stars and luring new clients.
The bank will bring in a few high-profile commodities salesmen as well as some traders, an acknowledgment that the roughly 180-person unit’s performance has suffered in recent years from failures to replace senior talent as it cut costs, people familiar with the strategy said. The firm also is enlisting its top rainmakers to pitch corporate clients in the energy, power, and metals and mining industries, said the people, who asked not to be identified because the firm hasn’t publicly discussed the plan.