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Goldman Sachs global equities trades co-head Levine to retire

FILE PHOTO: A Goldman Sachs sign is displayed inside the company's post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) - Goldman Sachs Group Inc said on Monday its co-head of global equities trades and execution services, Brian Levine, will retire this summer, according to a memo viewed by Reuters.

The bank also said that Philip Berlinski and Jeff Nedelman were being named co-chief operating officers of global equities with Michael Daffey. The three will jointly lead global equities.

Berlinski had been Levine’s co-head overseeing global equities trades and execution services, and Nedelman had been the global head of prime services.

Goldman routinely names multiple co-heads of its business units, and the memos announcing Monday’s leadership changes were signed by all three co-heads of the securities business, Ashok Varadhan, R. Martin Chavez and Jim Esposito.

“Brian has played a critical role in developing the firm’s leadership position in equities trading,” they wrote of the outgoing Levine. “He has helped build systematic trading platforms that will benefit our clients for years to come.”

Levine joined the bank’s shares trading desk 25 years ago. He went on to play key roles helping the bank become a market leader in program trading and handled risk management of some of the bank’s most important “capital markets blocks over the past decade,” according to the note.

Reporting by Elizabeth Dilts in New York; Editing by Matthew Lewis and Dan Grebler