(Bloomberg) — Josh Schiffrin, Goldman Sachs Group Inc.’ global head of trading strategy, was promoted to chief strategy officer and head of financial risk for global banking and markets at the firm, according to a memo seen by Bloomberg.
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The new role is an extension of his current responsibilities, which will now include overseeing the financial risk team, FICC desk and prime risk strats team — where he will provide risk analysis for Goldman’s prime brokerage clients — and the strategy, investments and partnerships team.
“In addition, Josh will partner with our businesses to ensure we have diligent supervision of our trading activities and a strong control environment,” Ashok Varadhan and Dan Dees, Goldman’s co-heads of global banking and markets, wrote in a memo dated Sept. 17.
Schiffrin joined Goldman in 2001 as an analyst, and was named managing director in 2009 and partner in 2012. In November 2023 he became the global head of trading strategy.
His recent call on the size of Federal Reserve’s interest rate cut proved to be correct and he’s not ruling out two more 50 basis cuts.
“The employment data will lead the path of policy. The path of 50/50/50 is possible if labor remains weak and unemployment rate ticks up,” Schiffrin said on a client webinar ahead of the Fed’s rate decision on Sept. 18.
“We are in unique times, the landscape has shifted very quickly,” he said then.
(Adds Schiffrin’s quote in last paragraph. An earlier version of the story was corrected to clarify Schiffrin was named chief strategy officer and head of financial risk for global banking and markets division.)
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