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Another senior Goldman Sachs executive is leaving — and colleagues are vexed
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Yet another senior executive is leaving Goldman Sachs — and, of course, his co-workers are once again putting the exit under a microscope.
Michael Swell, head of global fixed-income portfolio management at the Wall Street giant’s asset management division, is set to retire at the end of the year, according to a memo from late last month that was obtained by The Post.
That’s despite Swell being just 55 years old, and getting high marks during his 14-year tenure (He made partner in 2012 after joining the firm in 2007). Last week, Goldman Sachs Asset Management, also known as GSAM, reported a record quarter, raking in $5.13 billion in net revenue.
Swell "built trusted relationships with our clients and our colleagues in distribution, and developed investment products and business lines that will continue to grow and thrive on our platform," GSAM’s co-head Julian Salisbury wrote in a farewell memo. "Mike has consistently embodied our firm’s core values and has been dedicated to our people’s professional development."
The problem? Possibly that Swell was making a lot of money. Goldman’s culture is "game of survival," particularly for partners who make north of a million dollars a year — and particularly since David Solomon took over as chief executive, sources say.