NEW YORK The co-head of Goldman Sachs' (GS.N) global commodities business, Magid Shenouda, is leaving the bank after 14 years, according to an internal memo seen by Reuters on Tuesday.
London-based Shenouda, who has run the commodities business for the past two years alongside New York-based Greg Agran, joined the firm as an executive director in oil trading in 1999, and had run European oil as well as power and gas.
"He has been responsible for driving several key acquisitions, as well as the expansion of our business activities into new regions and products, including the build-out of our Energy, Coal, Freight and Emissions franchise," the co-heads of the securities division, which includes commodities, said in the memo. They are Isabell Ealet, who had run commodities until 2011, and Pablo Salame.
Shenouda's plans were not immediately known. The departure was first reported by SparkSpread. Goldman Sachs has also recently replaced Peter O'Hagan, who was global head of commodities sales, SparkSpread said.
(Reporting by Jonathan Leff; Editing by Gary Hill)