High Profile Exits Reported from Goldman Sachs and Gain Capital

Paul Russo
Paul Russo

Goldman’s co-head of stock-trading unit Paul Russo resigns

Goldman Sachs is witnessing a high profile executive exit with the firm’s co-head of stock-trading, Paul Russo moving out from the firm. The move first reported in The Wall Street Journal which it said that the information it received from a person who has the direct knowledge of the matter, but not the company.

It is understood that Russo is currently negotiating his terms of exit with the company and is expected to leave in the coming weeks. His exit will mark the first such senior departure from Goldman Sachs as the incoming CEO, David Solomon is building his core team and setting the priorities.

Russo has been managing the company’s equities business since 2012 and last year under his watch, the equity unit generated $6.6 billion in revenue. He started with Goldman Sachs in 1989 as a summer associate in 1989 in Trading and Arbitrage and joined the firm full time in 1990, working in US Equity Derivative.

Mark Richards Leaves the Gain Capital Board

Mark RichardsAnother high profile exit reported in Forex.com’s parent unit Gain Capital. Mark Richards has left his position from the company’s Board of Directors less than twelve months after joining the firm. According to a statement released by the firm, Richards departure will take place effective immediately.

The official release said:

“Mr. Richards has informed the Company that his decision to resign from the Board is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”

“The Company will separately announce the appointment of Mr. Richards’ replacement, if any, as [IPGL’s] designee on the Board once that person has been selected and approved by the Nominating and Corporate Governance Committee of the Board.”

Richards appointment in the company is the result of its acquisition of City Index for $118 million in late 2014, and before that, the company was controlled by PE firm IPGL Ltd.