better paid than the boss, a trader retires at 47

Ed Emerson, head of commodities trading at Goldman Sachs, has announced his retirement. He has pocketed more than $100 million since 2020.

The young Ed Emerson, who joined Goldman Sachs as a simple analyst in 1999, far from anticipated this career development. A managing director in 2008 and then a partner in 2012, Ed Emerson became head of commodity trading in 2019. But according to Bloomberg, this last position was only supposed to occupy him for a few months.

In fact, the trader has just announced his retirement, after 24 years of service, at … 47 years old. A decision which will come into effect next March, but which does not sign a total exit from Goldman Sachs. Ed Emerson could have quietly retired to his $16 million Palm Beach home, but he decided to remain a consultant to the Wall Street giant.

Surprising fact: Ed Emerson is not number one at Goldman Sachs, but he earns a lot more than his boss David Solomon, who has been in office since 2018. Bloomberg explains that the commodities desk made three billion dollars alone in 2022. Result, since 2020 would the trading yard collected $100 million in total, much more than the $77.5 million the bank’s CEO received during the same period.

A trader with a sharp tongue

It is perhaps precisely this status that allowed Ed Emerson to formulate repeated criticisms of his boss. According to Les Échos, he has on several occasions criticized the strategic decisions of the bank, which has been going through a difficult period for several years. It is even to David Solomon that Ed Emerson owes his fortune since the commodity counter was almost closed in 2017 when the price of oil collapsed. But the newly appointed general manager maintained this activity, which has since become extremely lucrative.

All this did not stop Goldman Sachs from paying tribute to its flagship trader.

“He played a critical role in the growth of the company’s oil business,” Ashok Varadhan, Dan Dees and Jim Esposito, the three heads of Goldman Sachs’ global banking and markets division, said in a note. Ed Emerson helped “consolidate Goldman Sachs’ position as a leader in the commodities industry.”

Goldman Sachs has chosen the duo Xiao Qin and Nitin Jindal to tackle commodity trading. The first will handle commodity trading in Europe, the Middle East, Africa and the Asia-Pacific region. While the other will handle commodity trading in the Americas as well as natural gas and electricity in North America.

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