Goldman Sachs JBWere (GSJBW) has promoted Simon Rothery to the position of co-chief executive, following Craig Drummond's recent decision to retire in May.
Rothery is currently managing director and head of the securities division and has been a member of the firm's management committee since 2003 and a director on the GSJBW board since 2006.
He joined Goldman Sachs in 1998 and was based in Hong Kong and London, where he held a number of senior roles in the firm's fixed income, currencies and commodities (FICC) business.
Rothery returned to Australia in 2001 and played an integral role in the merger to form GSJBW in 2003.
The co-head structure remains important for the firm both locally and globally, given the complexity of the business and the focus on serving client needs, co-chief executive Stephen Fitzgerald said.
"Simon and I look forward to continuing to work towards achieving the firm's goal of becoming the leading investment bank in Australasia," Fitzgerald said.
GSJBW made an unspecified number of redundancies yesterday, an unnamed source said.
"We are making a small number of redundancies in one particular division of our business," the source said. "We're making sure that the number of people we have in our team reflects the market conditions and client needs."
Further staff cuts were not ruled out.
"If there's a need to make a change in a particular team that's something we may or may not do," the source said.
GSJBW private client adviser Steve Ross left the firm earlier in the year and later joined UBS Wealth Management.
