Goldman to name Esposito as co-head of securities division, as incoming CEO Solomon turns to his inner circle
- Jim Esposito is expected to be named as co-head of Goldman Sachs's securities division, according to a person with knowledge of the matter.
- Esposito is part of a small group of executives thought to be within David Solomon's inner circle.
- The official announcement of Esposito's promotion is expected soon, and may be announced as soon as Monday.
It pays to be close to the man ascending the throne.
Goldman Sachs is expected to name Jim Esposito to help run the securities division, elevating an executive considered to be within incoming CEO David Solomon's inner circle, according to a person with knowledge of the appointment. Esposito will join Ashok Varadhan as co-head of the department that helps clients trade stocks, bonds, currencies and commodities.
Esposito's announcement will likely come soon and may be made public as early as Monday morning.
The co-chief operating officer of the fixed-income, currencies and commodities unit for less than a year, Esposito will now help run a division that led Goldman to the top of Wall Street in the years surrounding the financial crisis only to fall on hard times more recently. The business is now trying to refashion itself into one with a more client-friendly approach.
Known throughout the firm as "Espo," he was one of six executives tasked with running the sales and trading department after Pablo Salame and Isabelle Ealet announced their exit in May. Varadhan, who has been co-head of the division since 2014, was another.
Insiders have said the six-person leadership structure is unwieldy and unsustainable, and it's unclear what Esposito's elevation means for the other four execs. He'll continue to be based in London, while Varadhan works from New York.
A Goldman Sachs spokesman declined to comment. The Wall Street Journal reported the news earlier on Sunday.
Prior to his current role, Esposito was the chief strategy officer of the securities division and co-head of global FICC sales. Before that he was co-head of the global financing group, now considered a training ground for senior leaders as Solomon, who made his career in leveraged finance, readies to take over from CEO Lloyd Blankfein in October.
Esposito is one of a handful of executives considered by insiders to be in Solomon's inner circle, Business Insider reported in July. Of all the top sales and trading leaders, Esposito may be the one with whom Solomon is most comfortable, a person who knows both men said last month.
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