Goldman Sachs taps next generation of leaders to restructure Wall Street

Goldman Sachs CEO David Solomon on Tuesday promoted a number of top bankers to lead the firm’s biggest business units, just days after the bank’s boss received two massive bonuses.

The Wall Street giant announced up to 15 high-level promotions in what is seen as an effort to promote the next generation of leaders at its headquarters at 200 West St., South from Manhattan.

This follows the announcement that Solomon, 63, had received a handsome salary of $39 million in 2023, plus an $80 million retention bonus if there is another five years as the bank seeks to retain its best talents.

“This group of leaders represents the best of our culture of excellence, client service and teamwork,” said David Solomon, CEO of Goldman Sachs.

The company announced that it will appoint Erdit Hoxha, Cyril Goddeeris and Dmitri Potishko to jointly lead the equities division.

He adds that Kunal Shah, Anshul Sehgal and Jason Brauth will lead the financial titan’s fixed income unit, while Kim Posnett, Matt McClure and Anthony Gutman will lead the banking business.

Shah and Gutman were also named co-chief executives of Goldman Sachs International.

This means that Richard Gnodde, 64, will leave the management of international affairs to become vice president of Goldman Sachs.

The management shake-up will see Goldman Sachs’ executive committee grow to 39 members. the group of senior managers participates in steering the company’s strategy and policy.

Wells Fargo analyst Mike Mayo told the Post that Wall Street bankers and firms like Goldman were “partying like it’s 1999”: the year stocks rallied amid a boom dot.com pre-Millienium.

“You have to pay people and promote them to make sure they feel appreciated in a bull market like today,” Mayo said.

“You have pent-up demand for transactions. You have a trillion dollars of money ready to be deployed for transactions,” he added. “You have high stock markets, abundant liquidity and deregulation like you haven’t seen in maybe 20 years or so.”

A Goldman Sachs spokesperson declined to comment further when contacted by The Post.

Goldman’s stock price has soared nearly 50% over the past year and 174% since Solomon took over from his longtime predecessor Lloyd Blankfein in 2018.

Over the past two years, Solomon has refocused the bank’s efforts on its traditional investment banking business after racking up billions of dollars in losses at its consumer banking arm, Marcus.

His reign was also tarnished by negative headlines about his DJ side, where he appeared under his house music moniker D-Sol, and his frequent use of corporate jets.