(Updates with unit co-heads in seventh paragraph.)
May 2 (Bloomberg) -- Ted Wang, Goldman Sachs Group Inc.’s co-head of equities trading for the Americas, is retiring after 18 years at the company and will become an advisory director.
Wang also was global co-head of the One Delta trading unit, according to an internal memo from trading co-heads Isabelle Ealet, Pablo Salame and Ashok Varadhan. Michael DuVally, a Goldman Sachs spokesman, confirmed the contents of the memo.
Goldman Sachs, the top equity-trading bank last year, posted a 6 percent decline in first-quarter revenue for that business from a year earlier, the biggest drop among its U.S. peers. The firm said it had challenges in market-making in Japan and certain emerging-markets amid falling prices.
“Ted has played an integral role in the growth of our market-leading equities franchise and has been at the center of many of our most significant transactions,” Ealet, Salame and Varadhan wrote in the memo.
So-called delta-one desks provide clients with strategies to hedge holdings or bet on directional moves in markets using derivatives or baskets of securities, which can be cheaper to trade than obtaining all of the stocks involved.
Wang joined Goldman Sachs in 1996 and became a partner in 2006, according to the memo. He took on his most recent role in 2012, after leading convertibles trading and the Americas One Delta business.
Peter D. Selman is the other co-head for the Americas equities business, while Brian T. Levine serves as co-head of One Delta. DuVally declined to comment on whether new co-heads would be named.
Prior to joining Goldman Sachs, Wang co-founded Xeotron Corp., a company that specialized in DNA biochips, according to a biography on the website of the Committee of 100, a nonpartisan group of Chinese Americans seeking to encourage positive relations between the two nations.