Dan Sparks, the CEO of Goldman Sachs Group Inc.’s mortgage division, quits.
Neither Goldman Sachs Group nor Sparks himself gave any comment upon the resignation.
The mortgage unit will be supervised by Justin Gmelich, the CEO of U.S. credit trading, and Thomas Cornacchia, who runs credit sales.
Sparks worked for the company for 19 years and managed to get profit from the collapse of the subprime mortgage market while rival firms went down.
Goldman Sachs acts as a financial advisor to some of the most important companies, largest governments, and wealthiest families in the world. It is a primary dealer in the U.S. Treasury securities market. Goldman Sachs offers its clients mergers & acquisitions advisory, provides underwriting services, engages in proprietary trading, invests in private equity deals, and also manages the wealth of affluent individuals and families.