Goldman Equity Trading Co-Head Russo Is Set to Leave

(Bloomberg) -- Goldman Sachs Group Inc.’s summer of change has snagged another victim, with its stock-trading head getting set to exit the firm, according to a person with knowledge of the matter.

Paul Russo was a co-head of the equity trading business that brought in $6.6 billion in revenue last year. He couldn’t immediately be reached for comment.

He’s the latest casualty in the leadership churn set in motion with the elevation of David Solomon to lead Goldman Sachs. Russo was in contention to be one of the heads of the trading division after the sudden departure of Pablo Salame and Isabelle Ealet in May. For a while, Goldman operated with a structure that had as many as six men in charge of the firm’s trading division.

Solomon, who takes over as the firm’s next chief executive officer next month, appointed Jim Esposito as one of the heads of the trading business to end the leadership logjam. And, last week, Chief Financial Officer Marty Chavez was moved back to the securities division as a third head of the unit.

The Wall Street Journal reported Russo’s plan to exit the firm earlier Thursday.

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