U.S. News

Goldman's Co-Head of Investment Management Retires

Goldman Sachs says Marc Spilker, co-head of the firm's Investment Management Division, is retiring from the firm.

The 45-year-old Spilker, who was also a member of Goldman's 30-member Management Committee will become a senior director at the investment bank, prohibiting him from going to work for a competitor. Spilker will be succeeded by Edward Forst, currently Goldman's senior strategy officer.

In a memo to employees, Goldman's Chairman and CEO Lloyd Blankfein wrote that Spilker "consistently committed himself to the highest standards of the firm."

A graduate of Wharton, Spilker joined Goldman Sachs in 1990 and was named partner in 1996, before the firm went public. In his 20 years at the firm, Spilker served in a number of roles including the head of the firm's U.S. Equities Trading and Global Derivatives unit and its Fixed Income, Currencies and Commodites in Japan.

Spilker's departure comes one week after bonuses were distributed to Goldman's Management Committee. Despite having its most profitable years ever, Goldman didn't add any money to the firm's bonus pool in the fourth quarter.

Criticism about big bonuses one year removed from the financial crisis also led to surprising low bonuses for Goldman's nine executive officers. Blankfein, President Gary Cohn and seven others all paid bonuses of $9 million in restricted stock. That payout a far cry from the $68 million dollar bonus Blankfein pocketed in 2007.