Goldman Sachs' decision to promote Jim Esposito to co-head its vast securities division alongside Ashok Varadhan should not come as a surprise.

A close ally of Goldman's incoming chief executive David Solomon, and reportedly a member of his inner circle, Esposito has taken some tough decisions to shake up the sales side of the business during a period when the Wall Street giant's fixed income engine has spluttered and the bank moved to broaden its sources of revenue.