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Goldman Sachs’s top two executives in Russia are leaving, part of an overhaul of its management in a country mired in its first recession in six years.

Bloomberg News reports that Nick Jordan and Paolo Zannoni will be replaced by Sergei Arsenyev, Dmitri Sedov and Timothy Talkington as co-heads of Goldman’s Russia and Commonwealth of Independent States business, the bank said in an e-mailed statement Wednesday.

In the meantime, Bloomberg News also reports that Goldman has appointed Jeffrey Verschleiser as head of U.S. flow credit and municipals trading, replacing departing Paul Huchro, according to internal memos.

Huchro, who has been with Goldman Sachs for 30 years, will become an advisory director following his retirement, the bank said in memos dated September 17. The contents were confirmed by a spokesman at Goldman Sachs in London.

Goldman's Russia Co-Heads Resign in Management Overhaul

Goldman Sachs Appoints Verschleiser as Head of U.S. Flow Credit


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