Goldman Sachs shakes up management, elevates next generation of executives to leadership roles

• Goldman Sachs on Tuesday announced a series of leadership changes at the top of the bank.
• The bank expanded the ranks of its management committee, among other changes.
• It appointed three global coheads of investment banking ahead of an expected pickup in dealmaking.

Goldman Sachs on Tuesday announced a series of leadership appointments, expanding the size of its management committee and elevating several executives to its top ranks.

The management committee, established in 1965, is responsible for helping steer the firm's strategy, policy, and other management matters. It tends to consist of the firm's next generation of leaders.

The shake-up comes as the bank prepares for at least another five years of leadership under CEO David Solomon and his right-hand man, John Waldron, Goldman Sachs' president and COO. Solomon has been transforming the bank since he took over in 2018, including efforts to increase collaboration across divisions and boost the asset- and wealth-management division.

Last week, Goldman reported a more than 100% increase in profits amid an upswing in dealmaking activity. Wall Street has been bracing for a thawing in mergers and public issuances as a new presidential administration gets underway.

"This group of leaders represents the very best of our culture of excellence, client service and teamwork," Solomon said in a statement that accompanied the announcements. "They have made outstanding contributions throughout their careers to our client franchise, operations and market-leading positions across our business. I am excited to work with them in their new roles as we continue to advance our strategic objectives."

The following executives will join the bank's management committee, its most senior group of leaders:

• Matt McClure, Anthony Gutman, and Kim Posnett are set to become the global coheads of investment banking.
• Jason Brauth, Kunal Shah, and Anshul Sehgal will become the global coheads of fixed income, currency, and commodities.
• Dmitri Potishko, Cyril Goddeeris, and Erdit Hoxha will become the global coheads of equities.
• Kevin Kelly and Sam Morgan will become the global coheads of client coverage for global banking and markets, public.
• Anthony Gutman and Kunal Shah will become co-CEOs of Goldman Sachs International.
• Richard Gnodde will become vice chair of Goldman Sachs.
• Francois-Xavier de Mallmann will become chair of Goldman Sachs Europe, Middle East, and Africa and retain his role as chair of investment banking.

• Will Bousquette, the chief operating officer of asset and wealth management; Kathleen Connolly, the global director of internal audit; and Marie Louise Kirk, the chief administrative officer for Asia-Pacific, will maintain their roles and join the management committee.

  In addition to those appointments, the bank named two partners — John Storey and Tony Pasquariello — as coheads of its crucial One Goldman Sachs initiative, alongside its existing head and partner, Meena Flynn.

  What's more, Jack Sebastian, a longtime partner, will become vice chair of the firm; and Suhail Sikhtian and Marshall Smith will become the chairs of investment banking, in addition to their current duties. (Last year, Sikhtian, who leads natural-resources investment banking at Goldman, was named one of 2023's most successful bankers by deal volume, completing nearly $150 billion worth of transactions, according to MergerLinks data.)

  Reed Alexander is a correspondent at Business Insider. He can be reached via email at ralexander@businessinsider.com or SMS/the encrypted app Signal at 561-247-5758.