The dominance of the investment banking lieutenants of Goldman chief executive David Solomon at the top of the firm was reinforced on September 3 when Chavez was replaced as one of three global securities co-heads by Marc Nachmann, who had been a co-head of investment banking.
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Ashok Varadhan |
Solomon has now installed two fellow former investment bankers in the roles of president and chief financial officer, and placed two former co-heads of global financing in joint charge of securities.
Nachmann has even less experience of sales and trading than Jim Esposito, who at least served a stint as head of strategy for the securities unit and as co-head of fixed income sales before he was appointed co-head of the overall division last year.
Nachmann gained a reputation as a capable risk manager when he was co-head of global financing, which includes debt and equity capital markets issuance.
His lack of dealing room experience nevertheless stands in stark contrast to Varadhan, the co-head of securities, who is increasingly looking like a relic of the Lloyd Blankfein era at Goldman when high-stakes traders dominated the firm.
