Goldman Bigshot Retires - TheStreet

NEW YORK (

TheStreet

) -- The head of

Goldman Sachs'

(GS) - Get Report

asset management unit has left the company, according to an internal Goldman memo first reported by

The New York Times' DealBook

.

Forty five year-old Marc Spilker, a member of Goldman's management committee who got some unwelcome attention in 2007 when a property dispute with neighbor and noted short seller Jim Chanos,

was picked up in the press

, will be replaced by Ed Forst, 49, Goldman's senior strategy officer, according to a separate memo. Both memos were signed by CEO Lloyd Blankfein and President Gary Cohn.

Goldman shares have struggled in recent weeks as tough new regulations proposed by President Obama threaten to upend its business model. For example, the proposed "Volcker Rule" would prevent banks from engaging in risky activities like proprietary trading and private equity.

The prospect of the implementation of such measures

appears to have already created business issues

for

Citigroup

(C) - Get Report

and

JPMorgan Chase

(JPM) - Get Report

, and weighed, not only on the shares of those banks and Goldman, but also

Morgan Stanley

(MS) - Get Report

,

Bank of America

(BAC) - Get Report

and

Wells Fargo

(WFC) - Get Report

.

Goldman's stock was down 8 cents to $153.97 in late trades. At those levels, it's off nearly 9% year-to-date.

A Goldman spokeswoman declined to comment for this story beyond the contents of the memos.

--

Written by Dan Freed in New York

.