Have you heard of Sam Morgan? If you're a fixed income currencies and commodities (FICC) salesperson who aspires to work for Goldman Sachs in Europe, you might want to familiarize yourself with the name. Morgan was recently made co-head of FICC sales for Goldman in Europe. That's pretty impressive given that he's only 35.
Morgan joined Goldman 12 years ago, two years after graduating in economics from Cambridge University. To begin with, he thought he wanted to be a barrister, but the Bar's loss appears to have been Goldman's gain. Morgan was promoted to MD in 2013 and then partner in 2016. A macro salesman by trade, colleagues describe him as an, "exceptional producer," whose promotion is very well-deserved.
Morgan's ascension seems all the more well-deserved in light of the historic problems in Goldman's fixed income trading business. Following quarter upon quarter of declining revenues, the firm announced a year ago that it would be reorienting away from hedge fund clients and towards corporate clients and institutional investors. With a background in hedge fund sales, Morgan might well have found himself on the wrong side of the fence - were it not for his history as a big-biller with exceptionally strong client relationships.
Morgan's ascension should also be reassuring for other salespeople. As all banks reconfigure sales teams to become more data-oriented and fixed income sales teams to become more like equity sales, sales staff everywhere are having to adapt a world in which clients have access to visualizations as a source of trade ideas and the sales role becomes one of selling a bank's broader execution capabilities. Some salespeople are voluntarily leaving the industry as a result.
Morgan, who was promoted after his boss, Carl Faker, retired, shows you can still make it in sales. A new generation of salespeople, that combines deep client relationships with an understanding of the new technologies, is ready to take the helm.
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