Goldman Sachs Group Inc. appointed Nitin Jindal to the newly created position of head of Americas commodities trading, giving more clout to an executive who has helped rebuild the business in recent years.
Jindal’s expanded role includes his current position as head of North American natural gas and power trading, according to a memo to staff this week. He will continue to report to Ed Emerson, the global head of the group that’s a crucial part of Goldman’s trading business.
Jindal was a lateral partner hire for Goldman in 2018, joining the firm from rival Morgan Stanley. It was a time of tumult on the desk that had just posted its worst year since the bank went public. He was among a crew of executives that the firm brought on board to rehabilitate its once-leading commodities business.
The unit has since recovered and Jindal’s new seat is a nod to his contribution in that revival as he built out the power business. Goldman’s commodities business boomed in 2022, with revenue from the desk soaring past $3 billion, its best performance since at least 2009.
“Since joining the firm as a partner in 2018, Nitin has been instrumental in developing our US power business into a leading franchise and will apply this experience to our broader business,” the bank said in the memo.