Goldman Sachs has made several changes to the uppermost levels of its credit business. David Solomon, managing director and head of the firm's fixed-income credit business, will run equity capital markets, according to a Bloomberg message a high-yield salesperson at Goldman sent out to several clients on the buy-side. Currently, the co-heads of global equity capital markets are Mike Evans and Mark Tercek. Ed Forst, managing director and chief of staff, global fixed-income, currency and commodities division, has been promoted, along with Don Mullen, managing director and former head of leveraged finance, to co-heads of the credit business replacing Solomon. Mullen's position will not be filled, according to senior Goldman officials, and it could not be determined whom, if anyone, will replace Forst.
Blake Mather, managing director and former head of high-yield syndicate based in Europe, has been named head of high-yield sales, North America. Mather's position has not been filled, and a senior high-yield official at Goldman does not know what the firm's plans are for the position. Mather will report to Mike Troy, managing director and head of credit sales. Troy formerly held Mather's position, though it could not be determined how recently he was promoted. Paula Dominick, managing director and former global head of investment-grade research, is now global head of credit research and strategy, picking up additional responsibilities after the resignation of Roger Gordon, managing director and former head of high-yield research (BW, 1/18).
Jon Savitz, managing director and head of Goldman Sachs' distressed business, has retired, much to the chagrin of high-yield traders at rival firms. They insist that he is easily under 35 years old, and will walk away with many millions of dollars, as he was a partner at the time of Goldman's initial public offering. He has not yet been replaced. Asked about a possible replacement, a senior Goldman official says only, "we have a deep bench." Mather and Forst referred calls the firm's media relations department. Ed Canaday, a spokesman for the firm says, "we don't comment on rumor and speculation."