At least part of the reason for dismal results in the commodity unit is failure to replace talent over the past few years as costs were cut. Now, the bank is looking to bring in a number of high-profile salesmen and traders, according to Bloomberg.
The effort isn't immediately bearing fruit, and the commodities operation has continued to struggle in the opening weeks of Q3, according to the report.
This current plan is among the strategies resulting from a review of the operation lead by one of Goldman's (NYSE:GS) co-heads of trading. Among other items noted in the review: The commodities team could work more closely with the investment banking operation's more-than 1.5K natural resources clients.
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