The boss of Goldman Sachs (NYSE:GS)'s commodity business is reportedly set to "retire" at the age of 47 after earning more than $100 million in three years and becoming known as a vocal critic of the investment bank's leadership.
An internal report said oil and metals trader Ed Emerson was “known to relentlessly argue his views and sometimes clash with superiors” and made his own bosses “wary of dealing with him around bonus time" as he pushed for higher pay, cited in media reports.
Emerson, whose total earnings surpassed those of group chief executive David Solomon, is stepping down after a period of significant losses for Goldman Sachs (NYSE:GS), including a $200 million trading loss and a $470 million loss related to a partial sale of its Marcus loans portfolio.
Since 2020, Bloomberg reported that he was paid $100 million, helped by Goldman's commodities business earning $3 billion last year alone.
This year has been less profitable, with Goldman recently reporting that revenues for the division were "significantly lower" in the third quarter.
Emerson, who has been a key figure at Goldman since 1999, took over as joint chief of the commodities business after longstanding section boss Isabelle Ealet left in 2018.
Emerson, who was born in Argentina but holds a British passport, is reportedly moving to take on an advisory role, with Xiao Qin and Nitin Jindal set to take over his responsibilities.