Goldman Sachs announced a big shakeup on Thursday as incoming CEO David Solomon cements his new leadership team before taking over for Lloyd Blankfein in October.
The changes represent the rise of investment bankers over traders, who dominated the top ranks under Blankfein and have jockeyed back and forth with the bankers for power during much of the firm’s history. But since the aftermath of the financial crisis, revenue derived from providing clients with advice on mergers and capital raising have proven to be more stable than trading.
Solomon and his deputies have a number of challenges ahead of themselves. Goldmanlast year embarked on a $5 billion growth plan and is also trying to grow out its consumer banking business.
Here are the new leaders at the top of Goldman.
Source: Business Insider