The senior fixed income sales exodus at Goldman Sachs continues apace. Following reports that various long-serving partners in Goldman Sachs' fixed income division have left as the bank seeks to cut costs, insiders say Peter Seccia, head of North American derivative sales at the bank, is among the leavers.
Seccia started his career in J. Aron, the currency and commodities trading house which employed Lloyd Blankfein and was acquired by Goldman Sachs in 1981. He was promoted to managing director at Goldman in 2003 and partner in 2008 and worked for the firm in Tokyo, New York, London and Switzerland.
A colleague of Seccia's confirmed his exit. Insiders say he left the bank around a month ago.
Goldman Sachs appoints new partners every two years and 2016 is one of the years in which partner promotions are due to take place. Insiders claim the bank is clearing the ranks of existing partners to make way for new people to be promoted in the coming November. Last time Goldman Sachs appointed partners, in November 2014, 78 people were promoted. There may be a few more exits to go.
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