Goldman Sachs Names Trading-Division Executive as Deputy Chief of Staff

By Liz Hoffman 

Goldman Sachs Group Inc. has elevated Russell Horwitz, an executive in its trading arm, as deputy chief of staff and secretary to its powerful management committee.

Mr. Horwitz has been co-chief operating officer of the securities division since 2015. He joined Goldman in 2004 from the Securities and Exchange Commission, where he'd previously worked for then-chairman, Arthur Levitt.

He made partner at Goldman in 2012 and has spent most of his career there not as a banker or trader but rather in the executive office, the suite of aides and advisers working directly for Chief Executive Lloyd Blankfein.

In his new role, he will be a deputy to John F.W. Rogers, one of Goldman's longest-serving executives, and will help manage strategic projects across the firm, according to an internal memo.

Mr. Horwitz's move sets off a round of shuffling in the securities division. Jenniffer Emanuel, who had been chief operating officer for the division's Asian operations, will become co-COO of the global division, alongside Jason Savarese, who is also the unit's co-chief risk officer and a member of Goldman's newest class of partners.

The securities division is Goldman's largest by revenue, though its profitability has been crimped in recent years by postcrisis regulations that President Donald Trump now may roll back.

Goldman has seen a spate of senior reshuffling in recent weeks, much of its set in motion by the departure of former Goldman President Gary Cohn to the Trump administration. Mr. Blankfein elevated two new lieutenants, and has slotted others into new roles as chief financial officer, chief information officer and chief compliance officer.

Mr. Horwitz's Washington, D.C. experience -- before joining the SEC, he held several jobs in the White House -- is likely to be an asset as financial deregulation takes center stage. Mr. Cohn on Friday outlined a broad repeal of many Dodd-Frank reforms, which sent Goldman and other bank stocks sharply higher.

Write to Liz Hoffman at [e-mail]

(END) Dow Jones Newswires

February 03, 2017 19:35 ET (00:35 GMT)

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