- Goldman Sachs
- Isabelle Ealet and Pablo Salame, coheads of Goldman Sachs’ powerful securities business, are retiring. That leaves Ashok Varadhan, who had been cohead, as sole head of the bank’s trading businesses.
- Varadhan was named partner at Goldman Sachs in 2002. At the time, he was 29, making one of Goldman Sachs’ youngest-ever partners.
And then there was one.
Isabelle Ealet and Pablo Salame, coheads of Goldman Sachs’ powerful securities business, are retiring in June, according to a memo seen by Business Insider.
That leaves Ashok Varadhan, who had been cohead, as sole head of the bank’s trading businesses.
In that role, he will work with Jim Esposito and Justin Gmelich, cochief operating officers of the fixed income, currencies, and commodities business, Paul Russo and Michael Daffey, cochief operating officers of the equities unit, and Julian Salisbury, head of the Special Situations Group.
The bank has historically preferred to have multiple division heads, likely leading to questions about who may be elevated to replace Salame and Ealet.
Varadhan himself had been the most recent addition to the triumvirate at the top of the securities business, becoming cohead of securities in 2014 alongside Salame and Ealet. The bank’s fixed-income business has struggled in recent years, however, with the bank unveiling a plan to turn the business around late last year.
Varadhan joined Goldman Sachs in swaps trading in 1998, making managing director two years later and partner two years after that. At the time, he was just 29, making him one of Goldman Sach’s youngest-ever partners.
He held roles across rates, currencies, emerging markets, and commodities before becoming global head of macro trading in 2012.
His father, Srinivasa S. R. Varadhan, is a prize-winning mathematician who was recently awarded an honorary degree from Duke University. In college Varadhan was head manager of Duke University’s men’s basketball team, and he serves on the board of DUMAC, which manages Duke University’s endowment.