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Goldman Sachs Shuffles Leadership in Slumping Fixed-Income Unit

  • Esposito, Gmelich named co-chief operating officers for FICC
  • COO roles are newly created, mirror set up in stock trading
Bloomberg business news
Inside Goldman's FICC Leadership Shakeup
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Goldman Sachs Group Inc. has shaken up the leadership of its vaunted fixed income, currencies and commodities business after stumbles this year called its strategy into question.

The firm named Jim Esposito and Justin Gmelich, both 49, to newly created roles as co-chief operating officers of FICC, according to a memo Tuesday from securities division co-heads Isabelle Ealet, Pablo Salame and Ashok Varadhan. Gmelich gives up his title as global head of credit and mortgage trading, while Esposito relinquishes his role helping to run fixed-income sales, leaving John Willian with sole responsibility.