U.S. investment bank Goldman Sachs (GS) has announced several changes to its executive leadership team as it tries to boost its financial performance.
The Wall Street firm announced that Ericka Leslie is stepping down as its chief administrative officer to become chief operating officer of Goldman’s global banking and markets division. That division houses the company’s investment banking and trading operations.
Will Bousquett, who previously ran global banking, will become chief operating officer of the bank’s asset and wealth management unit. Bousquette is succeeding 27-year Goldman Sachs veteran Laurence Stein, who will retire at year’s end.
Bousquette joined Goldman Sachs in 1998, while Leslie was hired by the firm in 1996.
The leadership changes come after two veterans of the investment bank, Julian Salisbury and Dina Powell McCormick, left Goldman Sachs over the summer.
Goldman Sachs chief executive officer (CEO) David Solomon is under pressure to improve the bank’s results after reporting the firm's lowest quarterly profits in three years.
Goldman Sachs’ earnings have been hurt by a two-year slump in investment banking activity such as initial public offerings (IPOs) and mergers and acquisitions (M&A).
In response, the investment bank has announced at least 3,200 job cuts this year and plans to also cut expenses, including compensation, by $1 billion U.S. over the coming two years.
Goldman has also made several unsuccessful attempts at diversifying its business, including a costly push into consumer banking that ultimately failed.
In a series of recent interviews, Solomon said that the firm is returning its focus to its core businesses of investment banking, markets, and wealth management.
Goldman Sachs’ stock has declined 5% over the last 12 months and currently trades at $324.65 U.S. per share.
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