NEW YORK (Reuters) - Thomas Montag, one of Goldman Sachs Group Inc's (GS.N: Quote, Profile, Research) three co-heads of global securities trading, plans to retire at the end of this month after 22 years at the investment bank, according to an internal memo.
Goldman Sachs confirmed the memo but declined further comment. No successor has been named.
Montag, 50, ascended to one of the biggest jobs on Wall Street in October 2006, succeeding Gary Cohn, who had been named co-president of the investment bank in July 2006.
Montag's departure comes as the meltdown in subprime mortgages, collateralized debt obligations and takeover loans has generated more than $50 billion in losses for investment banks and driven a dozen senior executives from their jobs.
In the memo, Goldman, which has not reported losses or write-downs this year, denied that Montag's departure was linked to the recent environment.
"Tom has played a leading role in the development of the firm's derivatives businesses in Europe and Asia," Goldman Chief Executive Lloyd Blankfein and co-Presidents Gary Cohn and Jon Winkelried said in the memo, circulated on Friday.
Montag joined Goldman in 1985, was named partner in 1994, and became a member of the firm's management committee in 2002.
For three years in the late 1990s he was global head of derivatives based in London. He was best known for leading Goldman's Japan operations during a period in which he was that country's largest individual taxpayer.
Montag returned from Japan earlier this year. In New York, together with Goldman's Asia Chairman Michael Evans and Europe Chairman Michael Sherwood, he led Goldman's largest business, the trading of equities, fixed income, commodities and currencies.
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Montag will become a senior director at the investment bank.
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