Jan. 28 (Bloomberg) -- Kevin Shea, an interest-rate salesman at Goldman Sachs Group Inc. who has worked at the firm for 27 years, is retiring, according to a person briefed on the decision.
Shea, 48, is leaving as of this month, said the person, who asked to remain anonymous because the decision hadn’t been made public. He joined New York-based Goldman Sachs in 1987 and was named managing director in 2010.
Shea worked for 12 years as a trader on the bank’s U.S. government debt desk before moving to London as part of the fixed-income sales group, according to a biography on the website of Fairfield University in Fairfield, Connecticut, where Shea earned a bachelor’s degree in economics and English in 1987.
He returned to Goldman Sachs’s New York office in 2003, joining the interest-rate product sales team covering institutions and macro hedge funds, according to the website. He also serves on the town council for Ho-Ho-Kus, New Jersey.
Shea declined to comment when reached at his office.
Interest-rates trading units on Wall Street suffered as the Federal Reserve decided whether to taper its stimulus efforts. Rates trading revenue at the 10 largest global investment banks dropped 40 percent to $14.5 billion in the first nine months of 2013, according to industry analytics firm Coalition Ltd.
Interest-rates trading involves buying and selling products including U.S. Treasury notes and bonds, other government debt, inflation-linked securities and interest-rate derivatives.
--Editors: Steve Dickson, Dan Kraut