Bloomberg News reports that Jim Buccola, who oversees the bank’s private residential mortgage-bond trading, is taking over for Callahan, according to an internal bank memo obtained by Bloomberg, the contents of which were confirmed by bank spokesman Drew Benson.
In the meantime, Bloomberg also reports that tougher new requirements for insider-trading convictions aren’t helping Rajat Gupta.
The former Goldman Sachs director fought his 2012 conviction all the way to the Supreme Court, and lost when the high court refused to hear the case. So, he tried again, and lost again, with an appeals court Tuesday rejecting his latest challenge. He’s scheduled to be freed from a Massachusetts prison in 2 1/2 months.