Marty Chavez is leaving Goldman Sachs

Marty Chavez, a former candidate to lead Goldman Sachs and one of its few openly gay top executives, is leaving the Wall Street powerhouse.

Chavez, who rose to prominence as a computer programmer who played a key role advancing Goldman’s trading technology, plans to “retire from the firm” at the end of the year, when he will take on a largely honorary role as senior director, according to a Tuesday memo obtained by The Post.

Chavez is being replaced as co-head of Goldman’s trading division by Marc Nachmann, who is currently based in London as co-head of the investment banking group. German-born Nachman, 48, will lead Goldman’s trading unit alongside co-heads Ashkok Varadhan and Jim Esposito.

It’s one of the biggest personnel changes since CEO David Solomon started to remake the company in his image last October.

Goldman, which has struggled for years to make profits from bond trading, has been increasingly focused on making money from investment banking and branching into new areas, like consumer finance.

Nachmann has spent about 25 years at the bank, and was previously the head of the Global Financing Group and the head of the bank’s Latin America arm. Nachmann was named partner in 2004.

Chavez, 55, has spent about 19 years at the bank in two stints, and was one of the friendlier public faces for the bank. He’s a Latino among a largely white group of executives, one of the most powerful openly gay executives in a notoriously macho industry. In the 1990s, he kept a terrier named Galahad to help him stay sober.

Source: New York Post

Leave a Reply

%d bloggers like this: