Emerson, 47, will leave the bank after becoming one of the highest-paid executives on Wall Street. Photo: Goldman Sachs
A British trader who traded oil and metals at Goldman Sachs is retiring after earning an estimated $100 million (£80 million) in three years.
Ed Emerson, Goldman's head of global commodities, will leave the bank next year. after becoming one of the highest-paid executives on Wall Street.
Mr Emerson, who was born in Argentina but holds a British passport, has worked at Goldman Sachs since 1999 and has led the bank's commodities division since 2018 of the year. In this role, he oversaw trading in assets such as oil and metals.
Under his leadership, the department recovered from the worst year in Goldman's history as a public company and became one of the bank's most profitable divisions.
Global volatility following the Covid crisis and energy price hikes following the outbreak The war in Ukraine has created opportunities for traders to make big profits in the commodity markets.
Mr Emerson ensured the bank was on the right side of the trades, and the commodities department was the engine of Goldman's profits last year. per year with an income of about 3 billion US dollars.
The division also generated $2 billion in revenue over the previous two years, helping Mr. Emerson earn approximately $100 million over the past three years in performance-related bonuses.
Mr. Emerson reportedly earned more than Goldman chief David Solomon last year. Photo: Alex Brandon/AP
The trading chief reportedly made more than Goldman chief executive David Solomon last year.
A private figure little known outside the bank, Emerson, 47, last year bought a $16 million home in Palm Beach, Fla., near the Florida offices of Goldman Sachs.
In his spare time, he plays games polo and is known for his dedication to his staff and love of practical jokes. According to Bloomberg, while on vacation in Costa Rica, Emerson once got up in the middle of the night to scatter fake snakes around the house he was renting with friends.
After leaving Argentina, Emerson graduated from university. London School of Economics, majoring in psychology. He then completed a master's degree in finance at the University of Reading.
Mr Emerson will leave the bank in March but will remain in an advisory director role, according to an internal memo seen by The Telegraph.
>< p>Goldman Sachs has named two oil trading executives, Xiao Qin and Nitin Jindal, to replace Mr. Emerson.
The bank declined to comment.
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