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Trading culture wins out as Evans departs from Goldman

  • Michael Evans - says insiders - tried to use his platform as leader of the board committee overseeing a review of Goldman's (GS -0.4%) business practices to position himself to succeed Lloyd Blankfein as CEO, reports William Cohan. The committee, he says, tried to push the argument that traders like Blankfein made the firm lots of money, but at the price of sacrificing the bank's reputation for putting clients first.
  • Evans - who headed global growth markets - was "free from the taint of the trading floor."
  • "Fealty to the man who wears the crown is one of the prerequisites of success on Wall Street," writes Cohan, and this is why Evans had to go. Blankfein will exit when he's good and ready, a message COO Gary Cohn has surely received loud and clear.
  • Previous: Goldman vice chairman Evans to retire at year-end.
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