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Joe Montesano, Goldman Sachs Group Inc‘s GS head of equity trading for the Americas, is reportedly leaving the banking behemoth after nearly two decades to take a break.
What Happened: Montesano, 46, recently informed the company of his departure, Bloomberg reported, citing people familiar with the matter.
He emerged as one of the top-paid Goldman traders over the past three years, as per the report, and even out-earned CEO David Solomon’s $35 million package in 2021 on the back of the pandemic-fueled trading frenzy.
Montesano, who joined the Wall Street giant in 1999, played a key role in keeping Goldman in the top spot among equities for two straight years.
See Also: Options Trader Makes Big Bet On Goldman Sachs With This Expectation For Stock Through June
Why It Matters: Goldman’s revenues from equity trading totaled $11 billion in 2022, up almost 50% from 2019. This falls under its largest contributing business segment of Global Markets.
However, the bank’s chief is shifting focus to asset and wealth management as he expects those areas to be the main drivers of growth in the coming years.
In January, Goldman cut 3,200 jobs, or roughly 6.5% of its workforce, as part of its biggest cost-cutting exercise in years amid concerns over an economic slowdown.
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Image and article originally from www.benzinga.com. Read the original article here.