Ed Emerson, Goldman's head of global commodities, will leave the bank next year after becoming one of Wall Street's highest-paid executives.

Emerson, who was born in Argentina but holds a British passport, has worked at Goldman Sachs since 1999 and has led the bank's commodities division since 2018.

A PERIOD OF HIGH PROFITS FOR TRADERS

Under Emerson's watch, the department traded oil and metals, turning Goldman from the worst year in its history as a public company into one of the bank's most profitable divisions.

The global volatility since the pandemic and the surge in energy prices since the outbreak of war in Ukraine have created opportunities for traders to make big profits in commodity markets.

Emerson and its commodities division was the engine of Goldman's profits last year, with revenue of nearly $3 billion.

The division also had $2 billion in revenue in the previous two years. That helped Mr. Emerson pocket an estimated $100 million in performance-related bonuses over the past three years.

The chief commercial officer reportedly earned more than chief executive David Solomon last year.

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DID NOT STAND OUT WITH HIS PERSONAL LIFE

A private person who is little known outside the bank, Emerson, 47, bought a $16 million home last year in Palm Beach, Florida, near Goldman Sachs' Florida offices.

He plays polo in his spare time. He is known for his dedication to his team and his fondness for practical jokes.

PSYCHOLOGY GRADUATE

After leaving Argentina, Emerson graduated from the London School of Economics with a degree in psychology. He later earned a master's degree in finance from the University of Reading.

Mr. Emerson will retire from the bank in March but will continue as an advisory director, according to an internal memo reviewed by The Telegraph.

Goldman Sachs has appointed two oil trading executives, Xiao Qin and Nitin Jindal, to replace Mr. Emerson.

The Telegraph