Goldman Sachs Shakes Up Asset Management Leadership with Cost-Cutting New COO
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Goldman Sachs announced Will Bousquette as the new COO of Asset and Wealth Management, seen as a cost cutter hand-picked by AWM head Marc Nachmann.
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Nachmann was brought in last year and has clashed with longtime partner Laurence Stein, who is "retiring" after nearly 3 decades.
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CEO David Solomon has given Nachmann leeway to make aggressive cuts to make AWM as profitable as possible.
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Several key figures have already left AWM under Nachmann, with more cuts potentially on the way.
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Solomon sees AWM as key to his "mini Blackstone" strategy to prop up earnings when markets are choppy.