Goldman Sachs tapped a new generation to lead key Wall Street divisions

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Goldman Sachs has unveiled a new generation of leaders in a major turnaround at the Wall Street bank.

The lender will appoint new global heads for its equity, fixed income and banking businesses alongside a leadership shakeup in its global unit, Goldman said on Tuesday.

The changes highlight Goldman’s efforts to revamp its leadership bench and position itself for future challenges.

Erdit Hoxha, Cyril Godderis and Dmitri Potishko oversee the dividend. Kunal Shah, Ansul Sehgal and Jason Brause will lead the fixed income division.Meanwhile, Kim Posnett, Matt McClure and Anthony Gutman have been tapped to oversee the investment banking franchise.

In a significant transition, Shah and Gutman will assume the role of CEOs of Goldman Sachs International. He replaces 64-year-old bank veteran Richard Gnodde, who stepped down after more than a decade at the helm of the global business. Gnode will hold the position of Vice Chairman.

“This leadership team represents the very best of our culture of excellence, customer service and teamwork. Throughout his career, he has made outstanding contributions to our clients in franchise, operations and market-leading positions in our business,” said CEO David Solomon.

This is a developing story.