Goldman Sachs is understood to be parting company with John Willian, its New York-based global head of fixed income sales.
Goldman says Willian is retiring at the end of the year and will become an advisory director in future. He's being replaced in the U.S. by Av Bhavsar and Ricardo Mora, the firm's current heads of credit and mortgage sales, and FICC emerging markets distribution and Americas foreign exchange sales respectively.
Willian, who joined Goldman Sachs in 1990, was left as the sole head global fixed income sales in November 2017 following the promotion of former co-head Jim Esposito as COO for the fixed income division. Esposito was subsequently promoted to co-head of the whole securities business in August 2018.
Willian's exit marks the latest change to Goldman Sachs securities business under CEO David Solomon. Solomon officially became CEO on October first, but made himself felt as early as May when Isabelle Ealet and Pablo Salame, two of the three former heads of Goldman's securities business, left the firm. Last month, Marty Chavez - the firm's former CFO - was made the third contemporary co-head of the securities business, alongside Esposito and Ashok Varadhan.
Goldman's fixed income sales business has undergone various changes in recent years. Numerous partners left in 2016 and 2017, including Tom Cornaccia - the former global head of fixed income sales who had tried to implement a more equities-like approach to client service, wherein Goldman sales people were encouraged to think less about single transactions and more about the client relationship over time. Last year, the firm determined to improve its customer relationships as it sought to recover from several quarters of declining revenues.
Fixed income isn't the only area of Goldman's securities business that's undergoing change under Solomon. Paul Russo, head of equities trading, also left the firm in September.
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