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Goldman Sachs’ Global Banking and Markets Co-Head Jim Esposito to Retire

Jim Esposito, co-head of the global banking and markets division at Goldman Sachs, will retire from that role and become a senior director at the investment bank.

Goldman Sachs CEO David Solomon announced Esposito’s decision Monday (Jan. 29) in a company memo seen by PYMNTS.

“On a personal note, I am grateful for Jim’s counsel, friendship and sense of humor during our many years of collaboration,” Solomon said in the memo. “I look forward to benefitting from his wisdom as a senior director.”

Esposito’s exit removes a potential contender for the position of president or CEO, signaling that he believes his chances of attaining one of those roles in the near future are slim, the Wall Street Journal (WSJ) reported Monday (Jan. 29).

Solomon has indicated that he has no plans to step down from the CEO role soon, according to the report. John Waldron, president and chief operating officer at Goldman Sachs, and Marc Nachmann, head of Goldman’s asset- and wealth-management divisions, are also potential contenders for the top leadership position.

Esposito has been with Goldman Sachs for nearly 30 years, joining the firm in 1995 as a salesperson for emerging-markets debt, the report said. Over the years, he has held various positions within the investment banking division, including chief operating officer and co-head of the global financing group.

He played a significant role in merging the firm’s investment-banking and trading teams during a reorganization in 2022, which aimed to enhance the bank’s client relationships and expand its trading business, per the report.

Esposito was against Goldman’s expansion into consumer lending — a segment the company has since retreated from — and contributed to the decision to refocus on the bank’s traditional strengths of dealmaking and trading, according to the report.

Following Esposito’s departure, the global banking and markets team will be led by his co-heads, Dan Dees and Ashok Varadhan, the report said.

In the company memo announcing Esposito’s upcoming retirement, Solomon highlighted Esposito’s skill in helping Goldman Sachs navigate changes in technology and regulations, his important role in forming the Global Banking & Markets division, and his work in cultivating current and future leaders.

“No matter the role, Jim has dedicated himself to our business with a keen focus on serving our clients, promoting effective risk management and enhancing the culture of the firm,” Solomon said in the memo.