Goldman loses trio of its key bankers

Steve Dinneen
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AT LEAST three members of Goldman Sachs’ London equities team will retire from the firm.

Head of the principal strategic investment group Phillip Hylander will step down at the end of the year to become an advisory director to the bank.

Joining Hylander out of the revolving door will be Matthew Cyzer, who heads up the sales trading operation in Europe and his counterpart in the trading division John Ashdown, who are both retiring.

It is not clear if the bank plans on directly replacing the key figures. It has been hit by falling revenues in the division, with sales falling 32 per cent so far this year. It is also understood that the closure of its prop trading division, located within the equities team, in response to new legislation, could be a consideration when deciding whether to replace the trio.

The bank has already drafted in Brian Levine, chief operating officer of its London-based One Delta business, from New York, who oversees most of its equities operations.

Last month Goldman released the names of 110 of its staff who have been promoted to partner.

The number promoted is around 10 per cent higher than the average and the highest since 2006. Just 94 employees were promoted to partner in 2008, the last intake.

The total number of partners is believed to have grown, with only 60 leaving the bank since the last count, although Goldman closely guards the exact figure.

Around 26 per cent, a higher proportion than usual, are based in Asia, with only 45 per cent of the partnerships being awarded in North and South America. A further 29 per cent are from Europe.