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Goldman Trading Co-Heads Quit

Courtesy of ZeroHedge. View original post here.

Now that the vol – and trading boom – of the fist quarter is ancient history, many are wondering how revenues look like for the second quarter, which tomorrow will be half-way over. According to this update from Bloomberg, it's hardly glowing.

Goldman’s Pablo Salame and Isabelle Ealet, two of the three co-heads of the securities trading division, will leave the bank next month, Bloomberg reported citing a letter from CEO Lloyd Blankfein, who is also reportedly on his way out.

Pablo J. Salame, global co-head of the Securities Division at Goldman Sachs

Isabelle Ealet, global co-head of the Securities Division at Goldman Sachs

The departures mean that Ashok Varadhan will run the trading division singlehandedly, according to an internal memo Monday from Chief Executive Officer Lloyd Blankfein.

Salame, 52, led the trading business since 2008 and was named a vice chairman of the firm in 2016, meanwhile Ealet, 55, rose up through the commodities business and was named partner in 2000. Perhaps they were not enthused to watch as their once proud, FDIC-backed hedge fund has been forced to sell loans to subprime consumers using "Instragram personality" JoJo Fletcher as spokesperson for its home-improvement loans to "build excitement."

Bloomberg adds that Salame and Ealet will become senior directors after they leave, according to the memo, although it wasn't clear where since, after all, they are leaving the company.


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