- REUTERS/Toby Melville
Goldman Sachs has made a change at the top of its equity trading business.
The bank announced to staff that Pete Selman, who had been cohead of global equities trading and execution services, is retiring from the bank.
Selman spent 22 years at the bank and was named partner in 2006.
“He has been an influential thinker in helping us to navigate the evolving regulatory landscape during a period of significant change,” the note announcing his departure said.
The note was signed by Isabelle Ealet, Pablo Salame, and Ashok Varadhan, coheads of the securities business. A spokeswoman for Goldman Sachs confirmed the contents of the memo.
Phil Berlinski, head of equities trading in Europe, the Middle East, and Africa, is replacing him and will work with remaining cohead Brian Levine.
Selman’s departure and Berlinski’s promotion follow changes on Wednesday in the securities division. In the course of 24 hours, Goldman Sachs has now named:
- A new cohead of global equities trading and execution services. A new cohead of global fixed income, currency, and commodity sales. A new global head of prime services. Two new coheads of Americas equity sales.
The change at the top of Goldman’s equities business comes at a tough time for the business across Wall Street, and in a period when Goldman Sachs in particular has been struggling.
Business Insider reported in July that Morgan Stanley was pulling away from its archrival in the equities business.
Morgan Stanley reported equity sales and trading net revenues of $2.1 billion in the second quarter, down from $2.3 billion a year ago. At Goldman Sachs, equities revenues came in at $1.75 billion, down 12% from a year ago.
That means that Morgan Stanley generated close to $400 million more in equities than Goldman Sachs – a sizable gap. It’s also the most ground the firm has gained over Goldman Sachs since the first quarter of 2015, when the roles were reversed and Goldman’s equities revenues slightly surpassed those of Morgan Stanley.
- Business Insider