Goldman Sachs has added five executives to the firm’s influential management committee, a group of Goldman insiders that has the ear of the bank’s top brass.
Paul Russo, Michael Daffey and Justin Gmelich from the firm’s securities division will join the committee along with Craig Broderick, the chief risk officer, and Sarah Smith, the firm’s controller and chief accounting officer, according to two separate internal memos on Tuesday. The memos were signed by Lloyd C. Blankfein, Goldman’s chief executive and chairman, and Gary D. Cohn, the president, and confirmed by a Goldman spokesman.
The five additions bring the total number of management committee members to 34, the largest it’s ever been. The committee was briefly made up of 33 members in 2011, and has hovered slightly north of 30 in recent years. Goldman appoints new employees periodically as members leave the firm.
Mr. Russo and Mr. Daffey are global co-chief operating officers of the firm’s equities operations, while Mr. Gmelich serves as the global head of credit trading. Mr. Broderick and Ms. Smith work in what Goldman deems “the federation,†or its non-revenue-producing unit.
“Paul, Michael and Justin are responsible for very significant business and client relationships and will bring valuable perspectives to the Management Committee,†one memo said. In the other memo, Mr. Blankfein and Mr. Cohn said of Ms. Smith and Mr. Broderick: “These appointments reflect the firm’s focus on strong financial controls and risk management.â€
Full text of the memos are below:
February 11, 2014
Paul Russo, Michael Daffey and Justin Gmelich Named to Management CommitteeWe are pleased to announce that Paul Russo, Michael Daffey and Justin Gmelich have been named to the Management Committee.
Paul and Michael are global co-chief operating officers of the firm’s Equities franchise, and Justin serves as global head of Credit Trading. They are members of the firmwide Partnership Committee and the Securities Division Executive Committee.
Paul joined Goldman Sachs in 1990 and held various leadership roles including co-head of the Fixed Income, Currency and Commodities (FICC) Division in Asia Ex-Japan, head of the Equity Derivatives business in Europe, and co-head of European Equity Product Group Trading. He assumed responsibility for Global Equity Derivatives in 2004, and served as head of US Equity Trading and Global Equities One Delta Trading prior to assuming his current role. He serves on several additional committees, including the Firmwide Risk Committee and the Firmwide New Activity Committee. Paul was named managing director in 1998 and partner in 2000.
Since joining Goldman Sachs in 1994, Michael has held a number of sales management roles across businesses and regions. Prior to assuming his current role, he was global head of Equities Sales and head of Fixed Income and Foreign Exchange Sales in EMEA. Michael is also a member of the European Management Committee and the Firmwide Client and Business Standards Committee. He was named managing director in 2000 and partner in 2002.
Prior to assuming his current role, Justin was head of US Credit Trading and Mortgage Trading. He also serves on the Firmwide Risk Committee, GS Bank’s Management Committee and the Global Recruiting Council. Justin joined Goldman Sachs in 1998 and was named managing director in 2002 and partner in 2004.
Paul, Michael and Justin are responsible for very significant business and client relationships and will bring valuable perspectives to the Management Committee. Please join us in congratulating them on their appointments and wishing them continued success.
Lloyd C. Blankfein
Gary D. CohnFebruary 11, 2014
Craig Broderick and Sarah Smith Named to Management CommitteeWe are pleased to announce that Craig Broderick and Sarah Smith have been named to the Management Committee.
Craig is the firm’s chief risk officer, responsible for credit, market and operational risk, and insurance. He is chairman of the Goldman Sachs Bank Risk Committee, as well as a member of various committees including the Firmwide Risk Committee, the Firmwide Capital Committee and the Firmwide Suitability Committee. Previously, Craig was chief credit officer until 2008. Prior to that, he was manager of the European Credit effort based in London from 1986 to 1999. He joined Goldman Sachs in 1985 in the Credit Department in New York and was named managing director in 1998 and partner in 2000.
Sarah has served as controller and chief accounting officer of Goldman Sachs since 2002. She serves on several firmwide committees, including the Risk Committee, the Commitments Committee and the Regulatory Reform Committee. Sarah previously served on the Partnership Committee and the Business Standards Committee. She joined Goldman Sachs in 1996 as a vice president in Finance and was named managing director in 1998 and partner in 2002.
These appointments reflect the firm’s focus on strong financial controls and risk management. Craig’s and Sarah’s combined experience in these areas will bring valuable insight to the Management Committee.
Please join us in congratulating Craig and Sarah and wishing them continued success.
Lloyd C. Blankfein
Gary D. Cohn
