Goldman loses more commodities traders in broader overhaul

NEW YORK (Reuters) – Several key commodities traders are leaving Goldman Sachs Group Inc, sources said on Wednesday, the latest wrinkle as the Wall Street firm seeks to turn around its struggling commodities unit. Those leaving include Don Casturo, operating chief of global commodities; Saad Usmani, a London-based managing director who traded crude oil and natural gas; Rahul Dhir, who traded refined oil products; and Will Evans, a global franchise manager, according to people familiar with the matter, and a Jan. 30 memo announcing Casturo’s departure seen by Reuters. The sources requested anonymity because they were not authorized to speak to the media. While Goldman posted its first quarterly loss since 2011 of $4.4 billion due to changes to the U.S. tax law passed by Congress in December, analysts and investors have been closely watching the decline of its trading book. Commodities trading was the main driver of a 30 percent decline in Goldman’s broader bond trading business last year, Chief Financial Officer Marty Chavez said on Jan. 17. Goldman hired several new senior traders late last year to turn around the business and replace people like Greg Agran, who left as co-head of commodities trading in September after 26… continue reading

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