U.S. Markets

Goldman replaces co-head of equities trading: memo

(Reuters) - Goldman Sachs Group Inc’s co-head of global equities trading and execution services, Peter Selman, is retiring and will be replaced by partner Philip Berlinski, the bank said in a memo on Thursday.

Brian Levine will remain as co-head of global equities trading, according to the memo, a copy of which was reviewed by Reuters.

A Goldman spokeswoman confirmed the contents of the memo.

Goldman competes fiercely with Morgan Stanley for the top rankings on Wall Street as a stock trading franchise. During the second quarter, Goldman generated equities revenue of $1.8 billion, compared with $2.1 billion for Morgan Stanley.

Berlinski had run Goldman’s equities trading business in Europe, the Middle East and Africa since 2014. He had previously co-headed the bank’s global equity derivatives business.

He joined Goldman in 1998 as an analyst in equity derivatives research in London, where he will continue to be based. He was named managing director in 2007 and partner in 2008.

Selman joined Goldman’s equity derivatives operations in 1994 as an associate in London. He assumed responsibility for the European structured products business in 1999 and in 2004 took over the regional derivatives business.

In 2007 he relocated to New York and was named head of Americas derivatives trading. Five years later, he became co-head of global equities one delta and derivatives trading.

Selman was named managing director in 2003 and partner in 2006.

Reporting by Olivia Oran in New York; Editing by Richard Chang