He took on the sheriff of Wall Street, Eliot Spitzer. He jousted with an angry Congress. He contained scandals that, at times, reached into the bank’s innermost sanctums.
Palm is retiring as the firm’s co-general counsel, Goldman Sachs Chief Executive Officer David Solomon wrote in a memo to staff Wednesday. Palm was due to leave last year but his departure got pushed back, according to people with knowledge of the matter. Investigations of Goldman Sachs’s work tied to Malaysian investment fund 1MDB have been heating up. Karen Seymour, who has led the 1MDB negotiations, will become the sole leader of the firm’s legal group, Solomon said.
The exit of Lloyd Blankfein last month had handed the long-time legal chief a mantle held by few: Nobody at the firm today owns more of its stock than Palm, with a kitty of a million shares. Odds are no employee will ever accumulate so many again. He belonged to the partnership before the bank’s initial public offering in 1999 - a cohort that’s disappearing as a generational shift sweeps across the bank.
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