Business
Published December 12, 2023, 2:50 PM ET
One of Goldman Sachs’ highest-paid executives is leaving the bank early next year after raking in about $100 million over the last three years – even more than CEO David Solomon, according to a report.
Ed Emerson – a 47-year-old trader who runs Goldman’s commodities business and whose salary exceeded Solomon’s $77.5 million over the same three-year period – will “retire” from his lucrative position in March, the company said in a memo .
The hard-nosed manager – who was known to “tirelessly advocate his views and sometimes clash with superiors” – earned a reputation as a “vocal critic of Solomon’s leadership” and dealt with strategic stumbling blocks that resulted in billions of dollars in losses according to Bloomberg.
“His supervisors were wary of dealing with him during the bonus period, when he frequently pushed for higher salaries for his team,” the report said about Emerson.
Goldman has reported painful losses in recent months, including when it revealed that its trading arms, which make bets on interest rate products, had lost about $200 million shortly after Silicon Valley Bank collapsed in March.
A month later, the Wall Street giant announced a $470 million loss in April “related to a partial sale of the Marcus loan portfolio.”
Ed Emerson, one of Goldman Sachs’ highest-paid executives – who openly criticized CEO David Solomon’s missteps – is retiring early next year at just 47 years old. EPA
In its most recent quarter, Goldman posted a 33% drop in profits as the bank continued to suffer losses from the sale of parts of its consumer lending business and worse-than-expected revenue from its wealth and asset management division.
In his final role at the company, Emerson will serve as an advisory director until March 2024, as Xiao Qin and Nitin Jindal move into the role together, according to a memo from the company obtained by The Post.
“We are pleased that he will become an advisory director at this time and remain committed to our global commodities business,” said the statement, which detailed Emerson’s achievements at the bank since he joined in 1999.
A spokesperson for Goldman Sachs confirmed the contents of the memo to The Post.
Emerson also remains close with Goldman President John Waldron – widely believed to be the bank’s CEO-in-waiting – and trading chief Ashok Varadhan, a person familiar with the matter told Bloomberg.
Emerson has reportedly earned more than Solomon since 2020, bringing home a whopping $100 million over the three years. Solomon, meanwhile, took home $77.5 million. Lenin Nolly/NurPhoto/Shutterstock
Bloomberg noted that the commodities trading business has long been known for shaping executives, including Lloyd Blankfein and Gary Cohn, who rose from the team to become CEO and president, respectively.
Emerson is also known to make time for jokes in his personal and professional life.
During his time as head of the commodities trading division, Emerson vacationed in Costa Rica and placed fake snakes around the house in the middle of the night to scare his traveling companions, Bloomberg reported.
Emerson was reportedly one of the highest-paid executives on Wall Street. However, when he wasn’t working as a hard-working tradesman, he enjoyed pulling off pranks in his personal and professional life. Portal
Emerson will likely enjoy his retirement in the $16 million home he recently saved for in Palm Beach, Florida, where Goldman recently moved more than 100 key employees from its New York headquarters to a shiny new office in the Sunshine State has relocated.
The property spans 5,392 square feet and has five bedrooms and six bathrooms, The Real Deal reported in August 2022, when Emerson initially purchased the home to share with his wife, Natalie.
Earlier this year, Emerson earned a whopping $30 million bonus thanks to its commodities division’s revenue topping $2.2 billion in 2021, Bloomberg reported at the time – a stunning comeback from 2017, before Emerson Ruder took over when the team was only making $300 million.
Emerson could not be reached for comment.
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