Goldman Sachs has appointed a new co-head of global fixed income, currency and commodities (FICC) sales, after Tom Cornacchia announced his retirement.
John Willian is to assume the role of co-head of global FICC sales with Jim Esposito following Cornacchia’s departure, according to an internal memo seen by The Trade.
Willian was previously head of prime services at Goldman Sachs, which includes its prime brokerage, clearing and futures business.
The memo stated: “We are confident that [Willian] will further establish FICC as a leading franchise around the world as technology and regulation continue to shape market structure.”
He is a veteran at Goldman Sachs, having headed up the municipal sales and trading business between 2003 and 2007, before becoming head of prime services.
Jeff Nedelman - currently the head of US equities sales – will take over as the firm’s global head of prime services.
Following Nedelman’s new appointment, Jack Sebastian and Tony Pasquariello will jointly run Goldman Sach’s US equities sales.
After a difficult second quarter in 2015, Goldman Sachs reported a surge in fixed income trading in the second quarter of this year, with revenues up 20% to $1.93 billion.
The earnings report said this was due to “significantly higher net revenues in currencies and credit products, as well as higher net revenues in interest rate products and commodities.”
Although it added despite improved conditions, the FICC business continues to operate “in a challenging environment characterised by low interest rates, political uncertainty and concerns about global growth.”