Another executive is leaving Goldman Sachs Group Inc.’s asset-management unit as the business that handles the bank’s private-equity and other private-market activities continues to reshape itself.
Chris Kojima, global co-head of the client solutions group, will depart Goldman Sachs Asset and Wealth Management, a unit of Goldman Sachs
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at the end of 2023, according to an internal memo seen by MarketWatch. He has been at the firm for 28 years.
“I’m looking forward to a long relationship with Goldman Sachs as an alumnus, client, and advocate,” Kojima said in the company’s memo.
Kojima will remain as a “friend of the firm” as Goldman’s senior ranks continue to change after Goldman Sachs Asset and Wealth Management was formed in 2019 by combining various private-market functions at the bank into one, according to a source familiar with the bank.
The amicable departure of Kojima described by the source suggests that his exit does not fit in with the executives that have been critical of Goldman Sachs Chief Executive David Solomon.
Also read: Goldman Sachs CEO David Solomon says he doesn’t recognize ‘caricature’ that critics have painted of him
Goldman Sachs stock fell 3% on Tuesday as it joined in a broad selloff in equities. It’s the worst-performing component of the Dow Jones Industrial Average
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which is down 1.2% on Tuesday.
Goldman Sachs stock is down 10.3% in 2023 compared with a 1.25% loss so far this year by the Dow Jones Industrial Average.
The Wall Street Journal initially reported the departure of Kojima, who worked on the Goldman Sachs’s large private-equity secondary fund, Vintage IX, with $14.2 billion in commitments, as announced on Sept. 20.
Goldman has not named a person to fill Kojima’s exact job title.
Matt Gibson will become head of the client solutions group, instead of co-head with Kojima, reporting to Marc Nachmann, global head of Goldman Sachs Asset and Wealth Management, according to the memo.
Nachmann said he and Kojima built their careers at Goldman Sachs together.
“He has been an exceptional partner and friend,” Nachmann said of Kojima. “During these past decades, Chris founded and led businesses that are incredibly important to Goldman Sachs, and our business today is stronger because of his leadership.”
When chief executive Solomon took up the reins at the bank, one of his first moves was to create Goldman Sachs Asset and Wealth Management.
Julian C. Salisbury was leading the unit but is joining Sixth Street in 2024 as co-chief investment officer, according to a statement from Sixth Street and his comments on LinkedIn.
Also read: Goldman woos veteran Russell Horwitz to return as chief of staff, while two other executives depart
While critics of Goldman Sachs have pointed to executive departures as a sign of leadership problems with Solomon, Solomon has said the turnover of partners at the firm remains in line with historical churn rates.
Other executive changes at Goldman Sachs Asset and Wealth Management include Laurence Stein, who retired after 27 years at the bank.
Early this year, Goldman Sachs realigned its businesses into three main units: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. It also disclosed a $3 billion loss in its consumer business and plans to divest its GreenSky consumer lending unit.
Patrick O’Donnell has been named managing director and global co-head of consultant relations at Goldman Sachs Asset and Wealth Management after working previously at BlackRock Inc.
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He joined Lauren Oakes as co-head of the bank’s consultant relations team.
Over the summer, Goldman Sachs Asset and Wealth Management named Aurin Bhattacharjee and Jamison Hill as managing directors in sustainable investing.
Also read: Goldman discloses losses in unit that houses Apple Card, GreenSky operations
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