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April 29, 2016  

Goldman Conduit Lays Off O'Neal, 5 Others

Goldman Sachs cut a half-dozen Dallas staffers from its conduit operation last week, including production chief and longtime executive Roddy O’Neal.

The layoffs are aimed at trimming costs amid the current commercial MBS slowdown, but don’t signal a loss of interest in the business, according to a person close to the matter.

“The operating environment is very difficult, but Goldman is absolutely committed to CMBS and still has significant resources focused on the business,” the source said. Last year, Goldman contributed $3.9 billion of commercial mortgages to conduit deals, ranking fifth in the industry.

O’Neal joined Goldman in 1998 and helped launch its conduit operation. “When you think of Goldman’s conduit business, you think of Roddy,” said one industry pro. “He’s been the face of that place for all these years.”

O’Neal, a vice president, was director of national conduit production. For several years before the downturn, he was co-chief executive of the conduit, formerly called Archon Financial.

The layoffs included two other longtime Goldman staffers — vice presidents Rod Reppe and John Boerner. Reppe, a 17-year veteran, was regional production director for the Eastern region. He previously had a brief stint at J.P. Morgan.

Boerner was a senior underwriter for the Eastern region. Like O’Neal, he joined Goldman in 1998.

With the layoffs, the management of the conduit will be transferred to New York from Dallas. The duties performed by the departed staffers will be divided among multiple people in New York. No one will assume the title of production chief.