Longtime Goldman Sachs trading exec Michael Daffey is out, joining a stream of partners heading for the exit. Read the full memo from CEO David Solomon on the departure.

  • Goldman’s global markets chairman is exiting next month, according to a memo seen by Insider. 
  • Michael Daffey is a 28-year company veteran who held a seat on the management committee for years. 
  • Visit the Business section of Insider for more stories.

Goldman Sachs markets division chairman Michael Daffey is leaving the bank after a 28-year career. 

Daffey will leave next month, according to a memo seen by Insider and confirmed by a spokesperson. 

Daffey has long been known for managing some of Goldman’s most important hedge fund clients, a role he was freed up to do last September when CEO David Solomon tapped him to become the chairman of the markets division. Prior to that, Daffey was the global co-COO of the equities business.

Daffey joined the bank in 1994, made managing director in 2000 and partner two years later. He’s held a place on Goldman’s most powerful decision-making body, the management committee, for years. 

In 2018, Daffey was named in a lawsuit filed by Christopher Rollins, a former Goldman managing director, who said he was unfairly terminated over his role in a series of transactions involving a financier he didn’t name. The complaint alleged Daffey was involved in bringing the financier into the bank as a client, against compliance concerns. Goldman Sachs disputed the allegations. 

More recently, Daffey “played an important role” helping Goldman prepare for business after Brexit, and “dedicated significant time and effort” to advise clients in how they can embrace sustainable finance, according to the memo, signed by Solomon. 

Daffey joins a stream of Goldman partners who have headed for the exit in recent months. Last week, the bank said Ram Sundaram, the head of the global currencies and emerging markets group, was retiring after a nearly 20 year career structuring some the bank’s most profitable, and controversial trades. 

Last month, the investment banker in charge of the firm’s technology business, Nick Giovanni, left the company to become CFO at grocery delivery startup Instacart. In November, the bank said longtime investment banking chief Gregg Lemkau was leaving; Lemkau later revealed he would become CEO of Michael Dell’s investment firm. 

Read the full memo announcing Daffey’s exit

February 16, 2021
Michael Daffey to Retire From Goldman Sachs

Michael Daffey, chairman of the Global Markets Division, will retire from the firm in March after nearly 28 years at Goldman Sachs.

In his most recent role, Michael leveraged his deep knowledge and extensive expertise across products, services and markets to advance the firm’s client franchise across our Global Markets businesses. In that capacity, he served as a trusted advisor to some of our most important clients, broadened our client base and continued to advance our One Goldman Sachs approach, with a focus on delivering the full breadth of the firm’s capabilities to our clients.

In addition, Michael played an important role in contributing to the firm’s Brexit preparations and helping implement our post-Brexit structure as we focused on growing our footprint in continental Europe. He has also dedicated significant time and effort toward supporting several of our sustainable finance efforts to help our clients across all industries become more sustainable over time.

Since joining Goldman Sachs in 1994, Michael has held a number of management roles across businesses and regions, and helped develop many of Global Markets’ key client relationships around the world. Prior to assuming his current role, Michael was global co-chief operating officer of the Equities franchise, and prior to that he served as global head of Equities Sales and head of Fixed Income and Foreign Exchange Sales for EMEA.

Throughout his career at Goldman Sachs, Michael has made significant contributions to our firm’s culture. In addition to recruiting and developing countless colleagues in Global Markets, he has served as a mentor and friend to many of our people around the world. Previously, Michael also served as a member of the Partnership Committee and as a sponsor of the Firmwide Black Network in EMEA.

Michael is a member of the Management Committee, European Management Committee, Firmwide Client and Business Standards Committee and Global Markets ExecComm. He was named managing director in 2000 and partner in 2002.

Please join me in thanking Michael for his outstanding contributions to Goldman Sachs, our clients and our people, and in wishing him and his family the very best in the years ahead.

David M. Solomon

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