In 2016, Darren Dixon was on Forbes’ “30 Under 30” list of young people in finance. Four years later, at age 29, the rising star in banking was named the youngest black partner at Goldman Sachs Group Inc.
Dixon is leaving the company now that he is 35 to start his own fund.
Bloomberg says that Dixon is working hard to find investors so that he can start an infrastructure-focused fund like the one that made him money at Goldman. He was most recently head of Global Capital Solutions, which is a “group that sets up complicated deals and rescues financing for companies in trouble.”
Dixon’s departure from the Wall Street giant comes after five other black executives left the company in the last year. In the executive summary of the 2020 sustainability report, CEO David Solomon said that there was “still a long way to go” to improve the diversity of the bank’s workforce. He also said that he would “continue to make this effort a personal priority.”
Last year, 49 of Goldman’s 1,548 executives were black, the company said. The meagre 3.2% is just a little higher than the number of black executives in its exclusive partnership club.
Dixon has worked for Goldman for almost 14 years. He started as a summer intern there and has been there ever since. He moved up quickly in the company’s principal funding and investment business, where he did well trading, managing, and financing Latin American structured credit assets like toll roads, film libraries, TV shows, and physical gold.
Dixon was promoted to managing director before he turned 30. This is a big deal. Bloomberg said that after making a name for himself as a moneymaker, he had a stake in Harvey Weinstein’s film studio and a 50% stake in the hit TV series CSI.
To date, there is only one black partner left to carry the torch for diversity in the firm’s markets business, which makes more than $22 billion a year and is the biggest part of the business.
Dixon’s departure, among other things, shows that their time at Goldman was much shorter than the average Goldman partner’s.
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