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Goldman Sachs Head of Commodities Trading to Leave Firm -- Update

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09/08/2017 | 08:08pm CEST
By Liz Hoffman 

Goldman Sachs Group Inc. commodities head Greg Agran will leave the firm following a slump in the division, which trades oil, gold and other goods, according to an internal memo reviewed by The Wall Street Journal.

Mr. Agran, a natural-gas trader who rose through a 26-year career at the firm, will leave at the end of November, according to the memo.

His successor hasn't been named, though Isabelle Ealet, a former commodities head who now co-runs Goldman's broader trading arm, will remain closely involved in the business, according to a person familiar with the matter. She has been overseeing a review of its operations in recent months.

Mr. Agran's departure follows the worst slump in Goldman's commodities unit since the firm went public in 1999. Bad bets on the prices of natural gas and oil contributed to a second quarter in which the unit barely made money, The Wall Street Journal has reported.

A natural-gas trader by training, Mr. Agran joined Goldman in 1991 and spent time in London before returning to New York to helm the gas and power desk. He was named to his current role in 2012.

Write to Liz Hoffman at [email protected]

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