Goldman Sachs’s Equities Sales Head Gaglioti to Leave Firm

Enrico Gaglioti, Goldman Sachs Group Inc.’s global head of equity sales, is leaving the Wall Street firm after 16 years. Gaglioti, 42, will retire from the bank and become an advisory director, according to an internal memo from trading co-heads Pablo Salame, Isabelle Ealet and Ashok Varadhan. Michael DuVally, a spokesman for the New York-based firm, confirmed the contents of the memo, a copy of which was obtained by Bloomberg News. “Throughout his career with the firm, Enrico has shown a commitment to innovation,” Ealet, Salame and Varadhan wrote in the memo. “He has played an important role in the expansion and evolution of our market-leading equities franchise, including growing many key client relationships and driving the creation and strategic development of many of our equities businesses.” Goldman Sachs generated $7.17 billion in revenue from equity trading in 2013, excluding accounting charges, the most of any global bank. That was the least since the financial crisis and a 16 percent drop from 2012 after the bank sold a hedge-fund administration business and a reinsurance unit that were included in its equities segment. Goldman Sachs (GS)’s equities division is run by Paul Russo and Michael Daffey, who were both named to the bank’s management committee last month. Equity salespeople typically call on trading clients to pitch products and ideas and help manage orders for stocks or derivatives. Gaglioti joined Goldman Sachs in 1998 and made partner, the firm’s highest rank, four years later. He previously ran portfolio trading and execution services, and led equity sales in North America before being named global head of the business in 2012. Gaglioti declined to comment beyond the memo. Gaglioti is at least the fourth partner, and the third from the trading division, to leave the bank this year. Wall Street firms often see employee departures in February and March after awarding year-end bonuses, which can account for a majority of a banker’s pay. Source :  http://www.bloomberg.com/news/2014-03-05/goldman-global-equities-sales-head-enrico-gaglioti-to-leave-post.html