David Kostin, the chief U.S. equity strategist at Goldman Sachs (NYSE:GS), will retire at the end of the year after joining the investment bank in 1994, according to a Thursday media report.
The Wall Street analyst will become an advisory director at Goldman (NYSE:GS), Bloomberg reported, citing a memo, which added that Ben Snider will succeed him.
Snider joined the company in 2010 as an analyst, followed by his appointment to managing director in 2017.
The article noted that a Goldman (NYSE:GS) spokesperson confirmed the memo.
Last week, Kostin projected the Federal Reserve will cut interest rates a total of three times this year, aligning with the central bank’s updated median projection.
He recommended asset managers, companies with high floating rate debt and gold miners as promising investments in the run-up to the last quarter of the year.