Goldman Sachs Group Inc. has added Julian Salisbury, who runs a unit that invests the bank’s own money, to its powerful management committee.
Mr. Salisbury since 2013 has run the so-called special-situations group, which was once a pillar of Goldman’s proprietary investment and trading activities but which since the crisis has become tamer and less lucrative.
The unit posted $ 4.1 billion in revenue in 2007, according to documents later made public by a congressional committee. In the wake of the Dodd-Frank law, which limited banks’ ability to make bets with their own capital, the Goldman unit shifted toward activities that are viewed more favorably by regulators, such as middle-market and real-estate lending.
Mr. Salisbury’s elevation, which was earlier reported by Bloomberg News, comes during speculation that some of those regulations might be pared back under a Trump administration. That could free up the special-situations group and other investment arms of Goldman and its peers to put more of their own capital to work.
The special-situations group makes equity investments in companies, one of several buckets of capital across the bank that does so, and also lends money to corporations, real-estate developments and specialty lenders.
Its results are mostly folded into Goldman’s Investing & Lending segment, a catchall reporting line that posted $ 3 billion in pretax profits in 2015 on $ 5.4 billion in revenue. The unit doesn’t break out the special-situations group results.
“Julian plays a critical role in leading a global lending and investing platform and his experience across multiple regions will bring an important perspective to the Management Committee,” Chief Executive and Chairman Lloyd Blankfein wrote Thursday in a memo reviewed by The Wall Street Journal.
Mr. Salisbury was a founding member of the European special-situations group in 2003 and previously worked in Moscow and London. A U.K. native, he was named a partner in 2008.
He is the first addition to the management committee since 2015, when a trio of investment bankers was added. The committee of about 30 people meets weekly to discuss firmwide issues and includes the most-senior members of each division.
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