2023-08-08 20:09:59
Goldman Sachs
John Rogers, the influential chief of staff at Wall Street Bank, is taking on new challenges. A number of high-profile bankers have already left Goldman Sachs in recent months.
(Photo: dpa)
New York Goldman Sachs does not rest. Longtime top manager John Rogers is stepping down as chief of staff, the bank announced on Tuesday. Rogers, who has worked for Goldman for almost 30 years, is considered an influential key figure. He works closely with the Board of Directors and CEO David Solomon.
Rogers will be replaced by his former deputy, Russell Horwitz. Horwitz left the bank three years ago for a managerial role at investment firm Citadel and is now returning to Goldman.
Rogers will take care of his other obligations at the bank in the future, as he confirmed to the Handelsblatt. The 67-year-old, who has close ties to Germany, should focus on regulatory issues and charitable initiatives at the bank, CEO Solomon said in an email to the workforce. Rogers remains a member of the Management Committee, an influential body that decides key personnel decisions and strategic issues.
There have been a number of high-profile departures under CEO Solomon in recent months. The well-known commodity analyst Jeff Currie announced his withdrawal on Monday. He is leaving the bank after 27 years. In July, for example, Julian Salisbury, chief investment officer for the asset and wealth management division, resigned. He joins the investment firm Sixth Street.
At the end of May, the renowned banker Dina Powell announced her departure. She was responsible for the bank’s relations with sovereign wealth funds.
Turbulent times for Goldman Sachs
The Wall Street Institute, once spoiled by success, is in the midst of an identity crisis. The persistent slump in the core business and the difficult restructuring recently caused the quarterly profit to collapse. Solomon, who has run the bank for nearly five years, is in the midst of a sweeping downsizing. Bonuses have been significantly reduced. According to insiders, the mood is bad. This is also due to the expensive venture into the retail business, which Solomon has declared failed and which now has to be reversed. “Goldman is at war with itself,” headlined the Wall Street Journal in June.
Press chief Tony Fratto admitted in July that “when the bank has a couple of tough quarters, it can cause a lot of stress.” After all, some of Goldman’s employees are “the best in the world at what they do.” However, he considers the many negative headlines about the bank to be exaggerated: “The drama is much bigger in the news than in our building.”
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