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Global Commodities Co-Head
HQ Phone:  (212) 902-1000
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200 West Street
New York City, New York,10282
Since 1986, the Merchant Banking Division of Goldman Sachs has raised over $140 billion of capital in equity, credit and real estate funds to invest in a variety of geographies, industries and transaction types. With Merchant Banking representatives in six cou... more.
Global Head of Trading
A high-level Mercuria source told Reuters that Magid Shenouda, who was co-head of commodities for Goldman until the end of last year and helped build one of the strongest trading units among banks, had joined Mercuria.
Mercuria is closing a $3.5 billion deal to buy the physical commodities trading business from another Wall Street giant, JP Morgan. "With the acquisition of JPM's business we will substantially grow in size and are looking at a turnover of $130-$150 billion," the source said. The co-founders of Mercuria, Marco Dunand and Daniel Jaeggi, will focus on managing the company with emphasis on integration and client relations while Shenouda will run trading. Shenouda was one of several recent senior departures from Wall Street's most famed commodity trader, which has said it is keen to keep the unit despite pressure from the U.S. Federal Reserve. The Fed is conducting a review while U.S. lawmakers raise concerns that banks might abuse their roles in physical commodities markets, or that the businesses pose risks to their financial stability. Shenouda is the latest high-level recruit from a bank by Mercuria, which has packed its senior ranks with former bank executives - unlike peers such as Glencore or Vitol, which traditionally promote from within. Shenouda joined Goldman in 1999 from privately held Swiss-based commodity trading house Trafigura, where he traded fuel oil. He went on to run Goldman's European crude oil and products trading business, as well as European power and gas. He was made partner at the bank in 2008. At the time of his departure, Goldman said he had been responsible for driving several acquisitions, as well as its expansion into coal, freight and emissions trading.
NEW YORK (Reuters) - Goldman Sachs (GS.N) global commodities co-head Magid Shenouda is leaving after 14 years at the bank, according to an internal memo seen by Reuters, the Wall Street firm's second senior-level departure in as many weeks.
London-based Shenouda, who has run the commodities business for the past two years alongside New York-based Greg Agran, had been credited with helping build out Goldman's physical energy trading franchise - a part of the bank that is under intense political and regulatory scrutiny in the United States. Shenouda joined Goldman in 1999 from privately held Swiss-based commodity trading house Trafigura, where he traded fuel oil. He went on to run Goldman's European crude oil and products trading business, as well as European power and gas. He was made partner at the bank in 2008, the memo said.
Goldman loses co-head of commodity trade Shenouda: memo NEW YORK (Reuters) - Goldman Sachs global commodities co-head Magid Shenouda is leaving after 14 years at the bank, according to an internal memo seen by Reuters, the Wall Street firm's second senior-level departure in as many weeks.
Magid N. Shenouda
Magid ShenoudaManaging Director, Goldman SachsMagid Shenouda is a managing director at Goldman Sachs in London, where he heads European gas and power trading.He joined Goldman Sachs in 1999 as an oil trader.Prior to joining the firm, Shenouda worked as a physical fuel oil and feedstock's trader for Trafigura Ltd.He earned a B.S. (Hons) in Chemistry from the University of London in 1992 and an M.S. in Shipping, Trade and Finance from the International Centre for Shipping, Trade and Finance (City University Business School) in 1994.