Goldman Closes Boston Sales Office

Goldman Sachs is closing its Boston fixed-income sales office. An internal memo sent last week by Jon Winkelried, co-head of fixed income, currencies and commodities in New York, said sales coverage of regional accounts will be transferred from Boston to New York. About 20 fixed-income sales professionals, the majority of whom will be offered spots in New York, are affected by the move, which allows the sales force to work alongside traders in New York, according to a spokesman. The Boston sales force is said to have distributed government bonds, mortgage-backeds and asset-backeds. The story was first reported last week on www.bondweek.com

Goldman has maintained a Boston fixed-income sales office since the 1970s, according to one hedge fund manager. The closing is part of an ongoing trend affecting the satellite offices of all major investment banks, according to a salesman, who notes that small bureaus in cities such as Atlanta and Minneapolis have been closed in recent years. ABN AMRO, for one, recently closed down its San Francisco sales office and plans to cover West Coast accounts from Chicago (BW, 2/16). The salesman says banks are deciding to shut down offices for cost purposes and because they believe it is more important for a sales force to be physically located near their traders rather than their customers.