Goldman names Esposito head of strategy for securities unit: memo

By Olivia Oran

(Reuters) - Goldman Sachs Group Inc (NYSE: GS) has named Jim Esposito as the new chief strategy officer for its securities division. Esposito, previously the 48-year-old co-head of the company's global financing group, will help determine the best way to address clients' capital needs given market structure changes and a challenging regulatory environment, according to an internal memo reviewed by Reuters on Wednesday. A Goldman Sachs spokesman confirmed the contents of the memo. Esposito joined Goldman as a salesman within its fixed income business in 1995 and became partner in 2006. He has also served as head of its Europe, Middle East and Africa (EMEA) financing group and as chief operating officer of investment banking. Marc Nachmann will become sole head of the global financing group, according to a person familiar with the matter.

"Our industry is undergoing extraordinary change, driven by technology and regulation," the memo said, which was signed by securities division co-heads Isabelle Ealet, Pablo Salame and Ashok Varadhan. Fixed income trading, in particular, has been particularly affected by these changes, the memo said.

Goldman's revenue from bond trading fell 13 percent to $7.3 billion in 2015. Denis Coleman will become head of Goldman's financing group in EMEA, the firm said in a separate memo. He had served as the head of EMEA credit finance. Michael Marsh will become head of EMEA leveraged finance, according to a separate memo. Marsh has served as head of EMEA high yield and leveraged loan capital markets.

(Reporting by Olivia Oran in New York; Editing by Paul Simao and Cynthia Osterman)

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