One other Goldman Sachs executive is headed out the door of 200 West Street in what has grow to be an exodus of senior management from the investment giant over the previous couple of months.
Jeff Currie, who served as global head of commodities research, is leaving after 27 years, based on a memo sent to employees Monday.
The departure by the person who coined the phrase “Revenge of the Old Economy” in 2004 to explain how commodity prices would spike after many years of underinvestment, is the newest blow to Goldman boss David Solomon.
The bank has yet to announce a latest head of commodities.
For now, the division will likely be led by Dean Striven, Sam Dart and Nick Snowdown who helm oil, natural gas, and metals research respectively, the memo said.
“Commodity persons are the toughest on the earth to rent,” a source conversant in the business told The Post. “You’ll be able to easily fill a hard and fast income trader but commodities is way more area of interest.”
Last week, two top deputes within the wealth management division announced they were leaving: Goldman’s chief investment officer of asset and wealth management Julian Salisburg and co-head of the bank’s Asia-Pacific private investments unit Takashi Murata.
Various Goldman executives have fled from 200 West Street this 12 months. Paola Morrongiello/NYPost
Other senior departures from Goldman in recent months include Dina Powell McCormick, who led its sovereign business, and Lisa Opoku, who ran a unit that manages the wealth of its partners and senior executives.
“Goldman’s competitive advantage is that it has the very best bench and deepest bench of any bank – the No. 3 person at Goldman may very well be the highest person anywhere else.” the source said.
Now, with so many leaving, that has modified.
“You don’t have 10 people pushing you – forcing you to work hard since you’re attempting to compete with them,” the source said. “The talent that’s walked out in the previous couple of months, they’re unattainable to interchange.”
Jeff Currie is leaving Goldman after 27 years on the firm.REUTERS
Within the memo sent to employees, the bank highlighted Currie’s accomplishment.
“Goldman Sachs has greatly benefited from Jeff’s thought leadership on a broad range of topics and his ability to discover fundamental commodity market themes well before others.”
A spokeswoman for the bank pointed to the memo but declined to comment further.
