Goldman Sachs has reshuffled a number of senior positions in its equities division in response to recent executive departures.
An official familiar with the situation confirmed that three executives, Paul Russo, Michael Daffey and Marty Chavez, were appointed to serve as co-chief operating officers for the division. They will be responsible for managing the business, includes equity sales and training and implementing all strategy.
Previously, Russo was head of U.S. equity trading, while Daffey was head of global equity sales. Meanwhile, Chavez was head of a quantitative group within the securities division.
Moreover, Enrico Gaglioti becomes head of global equity sales. Before that, he was head of Americas equity sales. And John Willian becomes global head of securities services, futures and clearing. Previously, he had been co-head of this function.
The reshuffling comes after a series of high-level departures at Goldman Sachs, which has lost at least seven members of its top-level investment management committee.
These departures come as Goldman saw earnings per share drop to $1.84 in the fourth quarter of 2011, compared to $3.79 the previous year.
Tommy Fernandez writes for Money Management Executive.