Goldman Sachs’ head of eFX sales departs in relatively short order
The head of electronic foreign exchange sales at Goldman Sachs has left the bank after just 18 months. Robert Wade, who joined from Deutsche Bank in December 2017 as Goldman sought to revive its struggling fixed income business, left his post in London earlier this month, according to sources.
Wade was recruited at a time of expansion for Goldman’s sales functions, particularly in fixed income. But FICC sales and trading has been somewhat marginalized under new CEO David Solomon, both due to issues with performance as well as an overall tweak in strategy. Goldman Sachs saw its FICC revenue fall by 13% during the second quarter, the biggest year-on-year drop among all major U.S. banks other than Morgan Stanley, which had to compare its figures to a monster Q2 in 2018.
Recruiting Wade was quite a coup for Goldman Sachs, which peeled him away from Deutsche Bank before the German lender took such a steep dive. The former global head of electronic FX sales at Deutsche managed a global front-office sales team that covered both corporate and institutional clients. He joined Deutsche Bank in 2010 to take the newly-created position of corporate electronic FX sales in Europe, the Middle East and Africa (EMEA) and North America before being promoted. Up until then, he was a director and head of strategic initiatives within Citigroup's Wall Street office. Wade began his banking career at J.P. Morgan, where he first cut his teeth in foreign exchange sales.
The nature of Wade’s departure is unclear, as is his next destination. Goldman Sachs declined to comment on the matter. It’s possible Wade is simply giving more attention to his three-year-old startup, Grüper, which aims to boost social media productivity through a specialized mobile app.
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