David Solomon, Goldman Sachs' incoming CEO, is wasting no time getting his house in order.
Solomon, who takes over for current CEO Lloyd Blankfein on October 1, named Jim Esposito global co-head of the firm's trading division.
Esposito, a partner who was co-chief operating officer of the bank's fixed income business, will join Ashok Varadhan as leaders of the trading organization, one of the largest on Wall Street. In June, Varadhan's former co-heads Pablo Salame and Isabelle Ealet departed — leaving at least one opening at the top of the business, which is typically led by two or more executives.
The two trading co-heads will be charged with helping the firm — once Wall Street's most profitable trading house — regain some of its former glory. While Goldman traders produced about $33 billion in revenue in 2009, the firm has struggled to adjust to the post-financial crisis environment, and it produced only about a third of that amount last year.