Famous Goldman Sachs trader resigns
FINANSGUNDEM.COM – EXTERNAL NEWS SERVICE
Joe Montesano, one of Goldman Sachs’ most important names in stock trading, is leaving the Wall Street bank where he worked for more than 20 years. According to the Financial Times, in a memo sent to the bank’s employees, it was stated that 46-year-old Montesano will retire from Goldman’s Head of Stock Trading of America.
The famous banker chose to leave the bank after three years of high profits in stock trading. In the period from 2019 to 2022, Goldman’s revenue from this field increased by 50% and reached 11 billion dollars in 2022.
After high profits, Montesano received more than $35 million paid to CEO David Solomon in 2021. According to the news, there is no information about which institution Montesano will go to in the next period.
Goldman confirmed the contents of the memo, first announced by Bloomberg, but declined to comment further.
Montesano joined Goldman in 1999. The banker was then working for the Hull Group, a stock derivatives securities firm acquired by Goldman. The banker was promoted to partnership in 2014 after his successful performance.
Finansgundem.comAccording to information compiled by Goldman, Goldman’s famous supplement employee network is seen as one of the cornerstones of its success. Because the names who leave the bank often become important customers of the bank. However, during CEO Solomon’s tenure, the problem of disengagement from the bank stands out among senior bankers.
Among the names that broke away from the giant bank are prominent bankers such as former finance manager Stephen Scherr, former investment banking co-chair Gregg Lemkau and one term wealth management co-chair Eric Lane.
However, Solomon’sa said at Goldman’s investor day last week that an analysis of internal bank figures shows that overall resignations are at their lowest level in recent years.
Answering a question on the subject, Solomon said, “I have repeatedly reviewed the figures for partners leaving the firm. In any year leading up to 2014, 2022 was the year that the fewest partners left the bank. Currently, our annual turnover is at a five-year low, not just for the partners, but for the entire firm.”
Ashok Varadhan, Dan Dees and Jim Esposito, three co-chairs of Goldman’s global banking and markets division, wrote in the note that Montesano “played an important role” in strengthening the franchise.
Saying goodbye to Montesano, the trio “led leadership across client interaction, internal coordination and trading strategy, helping our clients avoid challenging environments and high market volatility.”
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