One other Goldman Sachs govt is headed out the door of 200 West Road in what has turn out to be an exodus of senior administration from the funding large over the previous few months.
Jeff Currie, who served as world head of commodities analysis, is leaving after 27 years, in line with a memo despatched to workers Monday.
The departure by the person who coined the phrase “Revenge of the Outdated Financial system” in 2004 to explain how commodity costs would spike after many years of underinvestment, is the newest blow to Goldman boss David Solomon.
The financial institution has but to announce a brand new head of commodities.
For now, the division might be led by Dean Striven, Sam Dart and Nick Snowdown who helm oil, pure fuel, and metals analysis respectively, the memo mentioned.
“Commodity individuals are the toughest on this planet to rent,” a supply acquainted with the enterprise informed The Publish. “You may simply fill a hard and fast earnings dealer however commodities is way extra area of interest.”
Final week, two high deputes within the wealth administration division introduced they had been leaving: Goldman’s chief funding officer of asset and wealth administration Julian Salisburg and co-head of the financial institution’s Asia-Pacific personal investments unit Takashi Murata.
Different senior departures from Goldman in latest months embody Dina Powell McCormick, who led its sovereign enterprise, and Lisa Opoku, who ran a unit that manages the wealth of its companions and senior executives.
“Goldman’s aggressive benefit is that it has the most effective bench and deepest bench of any financial institution – the No. three particular person at Goldman might be the highest particular person anyplace else.” the supply mentioned.
Now, with so many leaving, that has modified.
“You don’t have 10 individuals pushing you – forcing you to work exhausting since you’re attempting to compete with them,” the supply mentioned. “The expertise that’s walked out in the previous few months, they’re unattainable to switch.”
Within the memo despatched to workers, the financial institution highlighted Currie’s accomplishment.
“Goldman Sachs has significantly benefited from Jeff’s thought management on a broad vary of matters and his means to determine elementary commodity market themes nicely earlier than others.”
A spokeswoman for the financial institution pointed to the memo however declined to remark additional.