Goldman Sachs Group’s chief US equity strategist, David Kostin, is retiring at the end of the year after more than 30 years with the investment bank. Kostin joined Goldman Sachs in 1994 and transitioned to the portfolio strategy team in 2004. Goldman Sachs is a leading global investment bank that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments, and individuals. They offer investment banking, securities, investment management, and consumer banking services.
According to a memo seen by Bloomberg News, Ben Snider will replace Kostin. Kostin stated in an interview that it has been an honour to hold this position. He added that the bank has a super fast-paced culture with high standards and extraordinary people and that after 40 years as a Wall Street analyst, this is a good time to retire.
Jan Hatzius, the bank’s chief economist, noted in a separate memo that Kostin brought a client-first approach to equity market analysis, developing rigorous frameworks and delivering differentiated products and insights. A Goldman spokesperson confirmed the contents of both memos. Kostin, who will become an advisory director at the bank, has ranked among Wall Street’s most influential strategists.
Kostin’s notable calls include a warning in 2024 that US stocks were unlikely to sustain the above-average performance of the last decade. He also created the Goldman Sachs Hedge Fund VIP index, tracking the top long positions of fundamentally-driven hedge funds, which is the basis for an ETF.
