Goldman Sachs Group’s Adam Korn, one of Wall Street’s most prominent evangelists for rewiring trading desks with cutting-edge technology, stepped down from his senior post in the midst of initiatives aimed at doing just that.
Korn, 44, resigned as the trading division’s head of engineering last week, around the time that Goldman’s leaders were touting tech projects at an investor day, explaining how innovations will lure clients and boost revenue. Projects he led included Marquee, a trading and risk-management platform that the firm hopes will become a meaningful business line.
Goldman Sachs has been pouring cash and resources into reinventing trading and other longstanding Wall Street businesses, embarking on one of its biggest hiring sprees in years to add top coders and other talent. That’s kept the bank at the forefront of the industry’s upheaval as machines take over more tasks from humans.
“I am comfortable leaving because the team is on track and the vision is on track,” Korn said in an interview. He will continue to provide advice and work on some initiatives, the company said in a statement.
Korn—who’s championed the concept of Traders Who Code—was expected to be part of a new generation of leaders overseeing the trading division’s evolution. The business was rocked by a wave of senior departures as investment banker David Solomon took over as chief executive officer in 2018, elevating fellow dealmakers to some of the company’s highest posts.
Since then, the firm also has lost a procession of its lead innovators: Technology chief Elisha Wiesel and Marty Chavez, the original tech evangelist inside the trading division, both departed late last year. Konstantin Shakhnovich, who helped hone the firm’s electronic-trading capabilities, also left.
Chavez, a former chief financial officer and trading head, has said that traders who can’t code will become extinct. Goldman has been turning outside the firm more and more for its top tech roles. The firm has added Marco Argenti from Amazon.com Inc. and Atte Lahtiranta from Verizon Media Group.
Korn, who joined the company in 2002 as an associate in the equities derivatives research group, made Goldman’s highest rank of partner in 2010. Now he will exit the partnership to become an advisory director, the company said. He will work on financial technology investing in the merchant banking unit and “remain engaged in shaping the Marquee strategy,” it said. “We look forward to benefiting from his continued counsel.”
Over the years, he played an important role in persuading managers, division heads and even the board to plow funds into ambitious technology proposals, some costing more than $100 million. That left him with the formidable task of recruiting hundreds of technologists.
Goldman has been overhauling its electronic-trading platform to serve large quantitative hedge funds, with an eye toward eventually making innovations available to other business partners. The aim is to find ways to field more queries faster, and shorten trading times, to attract more business.
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Key Goldman Sachs leader Adam Korn makes surprise exit, championed Traders Who Code concept - Crain's New York Business
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