Goldman Loses Mortgage Chief

April 28, 2008, 11:00 a.m. EDT 1 Min Read

Dan Sparks, the head of Goldman Sachs' mortgage business, is leaving the firm.
A Goldman spokesman in New York, Michael DuVally, told Bloomberg, "We're sorry to see Dan go. He'll be missed." DuVally declined to say why the 41-year-old Sparks is departing.
Sparks will be replaced by Thomas Cornacchia, who runs credit sales, and Justin Gmelich, who manages U.S. credit trading.
"I don't think it's an issue, but given the current environment, when you see the head of mortgages leave it's got to give you reason to pause," Jeff Harte, a Sandler O'Neill analyst who has a "hold" rating on Goldman, says in the Bloomberg article. "It's still a tough marketplace and it's one that Goldman really performed well in the last year."
Sparks joined Goldman 19 years ago following his graduation from Texas A&M University. His garden leave will last six months.

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