2 Securities Heads Are Latest to Leave Goldman

by Suzanne Craig

Dealbook–Goldman Sachs, which is going through a post-financial crisis transition that has crimped its earnings power, is losing two more high-level executives.

The longtime partners Edward K. Eisler and David B. Heller, who both lead Goldman’s influential securities division, are leaving the bank, according to an internal memo sent to staff members on Wednesday.

The departures turned heads on Wall Street because it was unusual for two divisional heads to retire on the same day. And they are leaving just weeks after another senior executive, Edward C. Forst, a head of asset management and member of Goldman’s management committee, left the firm. Since October, more than 30 partners have left Goldman.

The firm itself is at something of a crossroads. Goldman made it through the financial crisis and returned to profitability faster than many banks. In 2009, it logged a record annual profit of $13.39 billion.

Read the full story at Dealbook.

Wall Street Journal–In a surprising shake-up, two of the four executives in charge of Goldman Sachs GroupInc.’s securities division will leave the company as it struggles with a downturn in its huge trading operation.

The New York firm disclosed the exits in internal memos Wednesday, without specifying the reason. David B. Heller and Edward K. Eisler will retire from Goldman after working there for 22 and 18 years, respectively.

Goldman’s David B. Heller helped steer the firm through the crisis.

Mr. Heller, 44 years old, and Mr. Eisler, 42, were among the youngest members of the company’s powerful management committee, which includes Goldman Chairman and Chief Executive Lloyd C. Blankfein. The two departing executives, who couldn’t be reached for comment, will become part-time advisers to the securities division.

For example, they expressed disappointment to some colleagues that their highflying businesses had lost some luster. Mr. Heller was responsible for equities sales and trading, while Mr. Eisler led Goldman’s fixed-income trading and sales in interest rates, foreign exchange and some derivatives.

Read the full story at WSJ.

Leave a Reply

%d bloggers like this:
A DAILY ROUNDUP OF THE MOST FASCINATING WALL ST, COMPLIANCE AND REGULATORY NEWS.