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Goldman’s Libor Transition Chief Exits Ahead of Benchmark’s Retirement

  • Jason Granet is retiring after 20 years, Hammack says in memo
  • Major banks are spending $100 million this year on rate switch

The executive tasked with disentangling Goldman Sachs Group Inc. from the London interbank offered rate is leaving the firm after 20 years.

Jason Granet’s retirement was announced this week by the firm’s global treasurer, Beth Hammack, in an internal memo seen by Bloomberg. Ditching the discredited benchmark is one of the biggest challenges facing global lenders, with most major banks spending more than $100 million this year on cleansing it from their operations.