Goldman Sachs just made a change at the top of a key 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.
"More broadly, Peter has worked across the firm to deliver solutions that have been central to our Equities' franchise in the context of rapid technological change and shifting market structure including the development of new electronic platforms for distributing derivative products and integrating our risk management between different businesses."
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.
The changes follow on from earlier changes in the securities division on Wednesday. Business Insider was first to report on the changes, with the bank naming a new cohead of fixed income, currency and commodity sales, a new global head of prime services, and two new coheads of Americas equity sales.
Business Insider reported in July that Morgan Stanley was pulling away from Goldman Sachs 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.
