Goldman Sachs Banker Jim Esposito Announces Retirement Amid CEO Succession Speculations

Esposito's departure signals CEO David Solomon's consolidation of power, despite internal criticism and strategic missteps.

Jim Esposito, a top Goldman Sachs banker and potential CEO contender, has announced his retirement.
Esposito, who played a key role in the merger of Goldman’s investment banking and trading units, decided to leave after it became clear that the path to eventually becoming CEO or president was blocked.
CEO David Solomon, despite internal criticism and strategic missteps, has made it clear that he has no plans to step aside in the near future.
Esposito had emerged as one of the key internal critics of Solomon’s ill-fated foray into consumer banking, a move that the bank has mostly abandoned.
Upon his retirement, Esposito will hold the title of senior director and has expressed a desire to explore new adventures.