Goldman Sachs tapped a new generation to lead key Wall Street divisions

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Goldman Sachs has introduced new executives to lead its key investment banking and trading businesses as the bank revises its top lines and prepares to take advantage of the Wall Street boom expected by US President Donald Trump.

The New York-based bank announced on Tuesday the appointment of new global heads for its equities, fixed income and banking businesses, alongside a leadership shakeup at its international arm.

The changes highlight Goldman’s efforts to refresh its leadership bench and position itself for future challenges.

Erdit Hoxha, Cyril Godderis and Dmitri Potishko oversee the dividend. Kunal Shah, Ansul Sehgal and Jason Brause will lead the fixed income division.Meanwhile, Kim Posnett, Matt McClure and Anthony Gutman have been tapped to oversee the investment banking franchise.

The promotions are the culmination of a year-long effort to retain and motivate top talent that CEO David Solomon and President John Waldron recently confirmed at the company’s top positions.

The bank announced last week $80mn five-year retention plans It has developed a private equity-style compensation plan to reward both senior executives and a share of profits from the firm’s alternative asset fund.

The program was launched on Tuesday in an effort to prevent poaching efforts involving some of the celebrities, people familiar with the plans said.

Goldman has been losing partners and top executives in recent years to asset managers, private equity and other businesses such as TCW, Citadel Securities, Sixth Street and General Atlantic.

The changes mean 15 new people have been added to the firm-wide management committee, taking the total membership to 39. Six of the new arrivals are based in London or Hong Kong, a sign of the importance of Goldman’s overseas businesses.

At the heart of the changes is the global banking and markets division, which accounts for two-thirds of Goldman’s net income.

It comprises investment banking and sales and trading, and the bank’s blockbuster results announced last week were a big driver in the fourth quarter.

Goldman’s gross profit more than doubled year over year to $4.1 billion. Investment banking fees rose 24 percent year over year to $2.1 billion.

In a significant transition, Shah and Gutman will assume the roles of CEOs of Goldman Sachs International. He replaces Richard Gnode, the bank’s veteran, who stepped down after more than a decade at the helm of the global business. Gnode will hold the position of Vice Chairman.

“This leadership team represents the very best of our culture of excellence, customer service and teamwork. Throughout his career, he has made outstanding contributions to our clients in franchise, operations and market leadership positions,” said David Solomon.

Goldman’s other big division, asset and wealth management, made a similar change last year.