- Goldman Sachs has seen a spate of senior departures in recent weeks.
- The latest to leave is chief risk officer Robin Vince, in news first reported by Dow Jones.
- The bank is offering buyouts to encourage partners to leave as CEO David Solomon works to shrink one of the most elite clubs on Wall Street.
Goldman Sachs is going through a generational change.
The bank has seen a spate of senior level departures under new CEO David Solomon, with chief risk officer Robin Vince the latest to leave, Dow Jones reported on Monday. He joins senior leaders in trading, technology, and human resources in leaving in recent weeks.
Solomon has been working to reshape Goldman and has made several investment banking promotions. He sees the partnership as having grown too bloated under his CEO predecessor, Lloyd Blankfein, who had a trading-heavy career.
Solomon is also preparing to unveil a new strategic plan for Goldman Sachs by early next year.
In recent weeks:
- Marty Chavez, most recently the cohead of the firm’s securities division and the former chief financial officer and chief information officer, announced he will retire from the firm at the end of this year. He was replaced by investment banking cohead Marc Nachmann. Chavez told Business Insider he had been thinking about retirement for some time, enlisting friends and mentors to help him think through the possibilities in what became known as “Project Kids, Freedom and Sunshine.“
- Goldman’s co-chief information officer Elisha Wiesel is retiring from Goldman, and will be replaced by former Amazon Web Services executive Marco Argenti. The bank also hired Atte Lahtiranta, a former Verizon Media Group executive, as chief technology officer, replacing John Madsen.
- Dane Holmes, Goldman Sachs’ head of human resources, is also leaving the Wall Street firm at the end of the year.
- Equities cochief Jeff Nedelman also resigned in recent weeks.
- Other partners who have left this year include equities cochief Brian Levine and fixed-income leader Justin Gmelich. Both were feted with marching bands on the trading floor.
- Solomon and his second-in-command, President John Waldron, are offering some partners generous payouts to make it more likely for them to leave on good terms, according to people with knowledge of the discussions.
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