Bloomberg News

Goldman Sachs’s Salame Said to Plan Move to New York From London

June 17, 2011

June 17 (Bloomberg) -- Pablo J. Salame, one of Goldman Sachs Group Inc.’s four sales and trading chiefs, plans to move to New York from London this summer and may take a new assignment, according to three people familiar with the matter.

Salame, a 45-year-old Ecuadorian, joined Goldman Sachs in 1996 and has worked in London since 2002. A Goldman Sachs partner since 2000, Salame was co-manager of global credit, mortgages, emerging markets trading and equity derivatives before he became co-head of the securities unit in 2008 with David B. Heller, Edward K. Eisler and Harvey M. Schwartz.

Goldman Sachs’s securities division, which includes sales and trading of equities, fixed-income, currencies and commodities, is the New York-based firm’s biggest and most profitable unit. It produced 56 percent of the company’s revenue in 2010 and both Chairman and Chief Executive Officer Lloyd C. Blankfein, 56, and his top deputy, President and Chief Operating Officer Gary D. Cohn, 50, helped lead securities trading before rising to their current roles.

While Salame may keep his position as a co-head of the securities unit, he’s also considering new roles, said the people, who declined to be identified because the negotiations aren’t public. Salame’s move to New York would put three of the four global heads of securities trading in the city, with Eisler, 41, remaining in London.

Salame started his career at Goldman Sachs, the fifth- biggest U.S. bank by assets, in emerging markets currency trading and later helped lead the global emerging debt markets group. The experience in developing markets may lead him to work more closely with J. Michael Evans, 53, who was named global head of growth markets in January, two of the three people said.

Goldman Sachs, like many rivals, is aiming to do more business in fast-growing economies like Brazil, Russia, India and China. Cohn told investors earlier this month that China, India and Brazil are three places where Goldman Sachs is doing the most hiring.

Salame didn’t return a call seeking comment and Michael DuVally, a spokesman for Goldman Sachs in New York, said Salame wouldn’t comment.

--Editors: William Ahearn, David Scheer

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.


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