Goldman Sachs' $100M Trader Retires Amidst CEO Clash

Ed Emerson, one of Goldman Sachs' highest-paid executives, is set to retire in March 2023 after earning over $100 million in the past three years, surpassing CEO David Solomon's earnings. Emerson, who leads Goldman's commodities business, has clashed with Solomon and criticized his leadership, particularly regarding strategic missteps that resulted in significant losses. Despite his success, Emerson's confrontational style and push for higher pay for his team have made his bosses wary. Goldman Sachs has reported losses in recent months, including in its trading desks and consumer lending business. Emerson will serve as an advisory director until March 2024, and his departure comes as the bank transitions Xiao Qin and Nitin Jindal into his role.