Goldman Sachs' investment-banking division is undergoing some leadership changes in senior positions.
A number of shifts are taking place within the division's financing group. The moves were announced in two internal memos, which were sent on Wednesday by senior bank leadership including Ashok Varadhan, a global cohead of the global markets division; Marc Nachmann, the other global cohead of the global markets division; and Dan Dees and Jim Esposito, the coheads of the global investment-banking division.
Susie Scher, previously a cohead of global financing, will become the chairman of the global financing group. Scher is a member of the firm's partnership committee and its executive committee for the investment-banking division.
Vivek Bantwal, who was previously the chief operating officer of the global markets division, is returning to the investment bank to assume the role vacated by Scher. Bantwal will become a cohead of the global financing group.
He is a member of the firmwide capital committee and will also rejoin the investment-banking division's executive committee.
Within the global markets division, Will Bousquette will assume the role vacated by Bantwal. Bousquette will become the new chief operating officer of the global markets division; he was previously the chief operating officer of the investment-banking division and head of the cross-markets group.
In his new role, Bousquette will join Goldman's global-markets operating committee.
Goldman's investment-banking group has a new chief operating officer, too
Overall, the investment-banking division has a new chief operating officer: Akila Raman, who was formerly the chief operating officer of the global financial group and head of American natural-resources investment-grade capital markets and risk management within the investment bank.
"In this new role, Akila will work closely with us in the operation of the business and the development and execution of IBD's global strategic initiatives," Dees and Esposito wrote. "She will also focus on increasing global connectivity and promoting best business practices across industries, products, and regions."
Raman's new role, chief operating officer of the investment bank, has been a launchpad for other senior leaders at Goldman Sachs. Indeed, at various times, the job was held by bankers including Esposito; Gregg Lemkau, his predecessor; and Stephen Scherr, the current chief financial officer.
Goldman has not yet named a successor to Raman to take the role she is leaving.
Meanwhile, the investment-banking group at Goldman Sachs has undergone a number of other leadership moves in recent months. One of the highest-profile was the recent departure of Lemkau, who was a cohead of the global investment-banking division.
Lemkau departed at the end of 2020 to take a new role as the chief executive of the Michael Dell-backed investment firm MSD Partners.
Read the full memos announcing the new leadership appointments inside the investment bank at Goldman Sachs
February 3, 2021
Leadership Changes in the Investment Banking and Global Markets Divisions
We are pleased to announce the following changes in the Investment Banking and Global Markets divisions.Susie Scher will become chairman of the Global Financing Group. In this new role, Susie will leverage her extensive background in capital markets to serve as a trusted advisor to a broad set of clients globally and across all industries and Financing Group products. She will continue to play a key leadership role in IBD's diversity, inclusion and mentorship efforts. Susie was most recently co-head of the Global Financing Group. Before that, she ran the firm's Investment Grade Capital Markets and Derivatives businesses.
Susie is a member of the Partnership Committee, IBD Executive Committee, IBD Risk Council and Americas Inclusion and Diversity Committee. Susie first joined Goldman Sachs in 1990 as a summer associate and rejoined the firm as a vice president in 1997. She was named managing director in 2001 and partner in 2006.
Vivek Bantwal will succeed Susie as co-head of the Global Financing Group alongside Denis Coleman. Vivek and Denis will continue to grow and integrate our global financing businesses across equity, credit and risk management products. Vivek and Denis will remain based in New York and London, respectively. Vivek most recently served as chief operating officer of the Global Markets Division. Prior to that, Vivek served as co-head of the Americas Credit Finance Group in the Investment Banking Division, overseeing the firm's Leveraged Finance and Structured Finance businesses.
Vivek will rejoin the IBD Executive Committee and is a member of the Firmwide Capital Committee and Firmwide Investment Policy Committee. Vivek joined Goldman Sachs in 1999 and worked in Structured Finance until 2004 before joining Leveraged Finance. He was named managing director in 2007 and partner in 2012
Will Bousquette will succeed Vivek as chief operating officer of the Global Markets Division. He will work closely with divisional leadership on the overall management of the division, as well as the execution of our strategic initiatives. Will most recently served as chief operating officer of the Investment Banking Division and as head of the Cross Markets Group.
Will serves on the Firmwide Operational Risk Committee and will join the Global Markets Operating Committee. He joined Goldman Sachs in 1998 and was named managing director in 2006 and partner in 2014.
Please join us in thanking Susie, Vivek and Will for their contributions to the Investment Banking and Global Markets divisions in their prior roles, and in congratulating these leaders on their new appointments. These appointments will help both divisions continue to work more closely together in serving clients and executing on our strategic priorities.
Ashok Varadhan
Dan Dees
Marc Nachmann
Jim Esposito
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Akila Raman to Become Chief Operating Officer of the Investment Banking DivisionWe are pleased to announce that Akila Raman will become chief operating officer of the Investment Banking Division. In this new role, Akila will work closely with us in the operation of the business and the development and execution of IBD's global strategic initiatives. She will also focus on increasing global connectivity and promoting best business practices across industries, products and regions.
Akila currently is chief operating officer of the Global Financing Group and head of Americas Natural Resources Investment Grade Capital Markets and Risk Management within IBD. She joined Goldman Sachs in 2004 as an analyst and was named managing director in 2015 and partner in 2018.
Please join us in congratulating Akila on her new role and wishing her continued success.
Dan Dees
Jim Esposito
