Bousquette is replacing Laurence Stein, a well-liked and longtime partner who Goldman said was “retiring” at year’s end after nearly three decades at the firm.
That’s after Stein clashed with his hard-charging boss, Marc Nachmann, who was brought over from banking and markets last October, asBousquette is seen as hand-picked by Nachmann given the men have worked closely together in other divisions before.
“Marc and Will are focused on growing what are already big global client businesses across asset and wealth management. That means investing in areas that are important to our clients and to our firm,” a spokesperson for the bank said in a statement. Solomon has given Nachmann carte blanche to make aggressive cuts at the unit – even as Goldman reportedly prepares to“Nachman has been given a clear edict: Do whatever it takes to make the group as profitable as possible,” a source said.
In a statement earlier this week, the bank said of Bousquette’s new role, “He will focus on the continued alignment between our business and operating functions, risk management and the scaling of our technology capabilities, while also helping us to drive progress towards the goals and targets we shared at Investor Day.”
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