Goldman Sachs moved the chief of its Americas equities sales operation and named two replacements as the securities division continues to face upheaval in the months after David Solomon became CEO.
Tony Pasquariello, named in 2016 to run Americas equities sales alongside Jack Sebastian, is getting a new job as head of macro hedge fund sales across both stocks and fixed-income, currencies and commodities, according to a memo from securities division co-heads Ashok Varadhan, Marty Chavez and Jim Esposito.
Earlier this year, Sebastian was named to a role running client relationship management and strategy.
In their place, the bank Tuesday named Josh Glassman and Ronnie Wexler, according to the memo. The promotion is a turnaround for Glassman, who almost left for Morgan Stanley this year before being wooed back to Goldman, according to people with knowledge of the matter.
“These changes will allow us to improve our service offering by aligning our client coverage model to best meet our clients’ needs,” the three securities division leaders wrote in the memo.
Glassman and Wexler will have their work cut out for them. The equities market has been undergoing enormous change over the last two decades, with a shrinkage of commissions and more volume moving to electronic platforms that don’t require human salespeople. Goldman’s equities business is in the midst of trying to claw back market share lost in past years to Morgan Stanley and JPMorgan.
The bank is also in the process of building out its Marquee trading platform, with the hope of relying on it to act as the distribution channel for stocks and bonds. The bank is expected to put Anne Marie Darling in charge of a new sales team to sell the Marquee platform to clients and find ways of generating new revenue models, according to a person with knowledge of the appointment.