Here's the full Goldman Sachs memo announcing the retirement of an exec who was 'instrumental in building and championing' innovations including the bank's risk and trading platform Marquee
- Adam Korn, head of securities division engineering and a key exec in the bank's strategy to use technology platforms to distribute insight and trading prowess, is retiring, according to a memo from the securities division co-heads.
- Korn has spent 18 years at Goldman Sachs, the last nine as a partner. He will stay on as an advisory director and continue helping with the strategy for Marquee, the firm's institutional trading platform.
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Goldman Sachs is losing another long-time partner as the firm's partnership ranks continue to shrink under CEO David Solomon.
Adam Korn, global head of securities division engineering and a chief architect of the firm's institutional trading platform known as Marquee, is retiring after nine years as a partner, according to a memo yesterday. Korn will stay on as an advisory director and continue working on the strategy for Marquee, states the memo signed by securities division co-heads Ashok Varadhan, Marc Nachmann, and Jim Esposito.
Business Insider got the full memo announcing his exit, which can be read below.
After 18 years of distinguished service at Goldman Sachs, Adam Korn, global head of Securities Division Engineering, will retire from the partnership and become an advisory director. In his new role, Adam will advise the Merchant Bank on financial technology investing, and remain engaged in shaping the Marquee strategy.
Throughout his career at Goldman Sachs, Adam has been instrumental in building and championing several transformational initiatives during a time of tremendous change for the Securities Division and the industry. He contributed to the development of a systematic platform for equities trading, established the foundation of our systematic market making business by institutionalizing the Trader Who Codes construct, and led the effort to externalize the division's capabilities to clients through Marquee, among other important innovations.
In addition, Adam has helped recruit, develop and mentor many of our colleagues in Securities Division Engineering. He also served as a Securities Division champion for the Disability Interest Forum.
Adam joined Goldman Sachs in 2002 as an associate in Equity Derivatives Research. He is a member of the Partnership Committee and the Securities Division Operating Committee, and serves as co-chair of the Securities Division Automated Trading Controls Committee. Adam was named managing director in 2008 and partner in 2010.
Please join us in thanking Adam for his commitment and contributions to the firm and our clients. We look forward to benefitting from his continued counsel as an advisory director.