(Bloomberg) -- Citadel Securities tapped Jim Esposito, who was one of Goldman Sachs Group Inc.’s most senior executives, as its new president in a coup for the rapidly expanding market-making firm.

Esposito becomes president in a new role at the company starting in September, according to a spokesperson. He’ll be based in Miami and report directly to Chief Executive Officer Peng Zhao. Esposito will lead client and partner relationships as the firm expands across the globe.

The appointment underscores Citadel Securities’ push to go head-to-head with Wall Street heavyweights who traditionally dominated the market-making business. Esposito was most recently co-head of banking and markets at Goldman and had worked in London in recent years. His plans to leave the bank were announced in January.

“We are thrilled to welcome Jim to Citadel Securities during a period of significant expansion and opportunity for our firm,” Zhao said in a statement sent to Bloomberg. 

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This is the second big hire from Goldman at Citadel Securities, after the firm brought in Av Bhavsar as head of cross-asset distribution. Bhavsar spent 26 years at Goldman where he cultivated some of the bank’s biggest hedge fund clients and persuaded them to route more of their trades through its fixed-income operation.

Esposito started at Goldman in 1995, and had been a co-head of both the investment-banking division as well as the trading unit before being tapped as one of the three heads of the combined group now known as Global Banking & Markets. That unit pulled in $30 billion last year, about two-thirds of Goldman’s total revenue. 

“Jim represents the very best attributes of Goldman Sachs – partnership, client service, excellence and integrity,” Goldman Chief Executive Officer David Solomon said in a note at the time of Esposito’s planned departure in January.

A New Jersey native, 56 year-old Esposito comes from a family with deep Wall Street ties. His brothers have also worked in the industry — one as a Goldman partner and another as a banker at Morgan Stanley. Their father had been chief financial officer of Chase Manhattan Bank, now part of JPMorgan Chase & Co.

Founded by billionaire Ken Griffin, Citadel Securities matches buyers and sellers in the equity, options and fixed-income markets. The trading firm generates billions using algorithms to capture and profit from tiny differences in prices. It serves asset managers, banks, broker-dealers, hedge funds, government agencies and public pension programs.

The company, which employs about 1,600 people, generated $2.3 billion of net trading revenue in the first three months of 2024, setting it on a trajectory for a potential record year, Bloomberg reported earlier this month. 

Read More: Citadel Securities Revenue Reaches $2.3 Billion in First Quarter

Citadel Securities is responsible for more than a third of all US retail stock trades. It’s ramping up its presence across fixed income beyond interest-rate swaps and Treasuries to serve institutional investors in corporate debt trading, starting with investment grade bonds.

As part of its push into credit, the firm has tapped talent from Wall Street’s biggest banks including Sam Berberian, who became head of credit trading in October following five years at Citigroup Inc. Helping lead the charge is Shyam Rajan, Citadel Securities’ global head of fixed income, who spent parts of his earlier career at LMR Partners and Bank of America Corp.

“For over 20 years, I have partnered with its principals across a variety of successful initiatives,” Esposito said in a statement Thursday. “I look forward to helping define and drive the firm’s ambitious growth plans.”

(Updates with comments from executives, Citadel Securities earnings from seventh paragraph.)

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