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Goldman Sachs Applauds Destruction of Property, Entitlement

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Goldman Sachs’s co-head of asset management, Eric Schwartz, has announced that he will step down from his day job this summer, after 23 years with the bank. Under Schwartz’s tutelage, the asset-management unit grew to a record $758 billion, more than double the amount it handled when he became co-head (with Peter Kraus) in 2003. Rumored to be promoted to the soon-to-be vacant position? The man with no respect for the sanctity of another man’s hedge, Marc Spilker, who currently oversees Goldman’s alternative-investments unit.
In other news, James Metcalfe is leaving his post as head of power mergers and acquisitions at Lehman Brothers to become global head of power banking at UBS. Lehman posted an ad on Craigslist looking for someone with “a good head for numbers and lack of care for shrubbery” just this morning.
Goldman's Schwartz, Co-Head of Fund Management, to Step Down [Bloomberg]