Goldman Sachs Group Inc. GS, +0.04% is appointing a new global co-head of its trading arm, ending months of leadership uncertainty in its largest and most challenged division.
The firm plans to name Jim Esposito to run the securities division alongside current executive Ashok Varadhan, according to people familiar with the matter.
Varadhan has been a co-head of the unit since 2014, but his status has been unclear since his two co-heads resigned in June and weren’t replaced, unusual for a firm where multiple executives typically share power.
Since then, six executives including Varadhan and Esposito have essentially been running the business, an unwieldy setup for a division in the midst of a revamp. Some traders have taken to calling them the “hexa-heads” or “Gang of Six” in private, and employees have complained that scheduling meetings and getting approval for trades, hires and other matters has been a hassle.
An expanded version of this report appears on WSJ.com.
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