Mr. Chavez also began aggressively pushing projects like Symphony, a program begun as a way to allow Goldman employees to communicate. Under Mr. Chavez, however, it was spun off into an independent company that the broader banking industry is now collaborating on. One draw of the system is that it may provide at least a partial alternative to expensive Bloomberg terminals. Symphony is representative of Mr. Chavez’s larger strategy. He gave up the opportunity to develop the software internally and turn it into a source of revenue in order to create something that everyone in the industry might use, and that might allow Goldman to communicate with all of its clients better, even if it is not making money off Symphony itself.

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