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Late Lunchtime Links: What Goldman Sachs’ prop traders go on to do next

It's not actually like this (Photo credit: Wikipedia)

It's not actually like this (Photo credit: Wikipedia)

Given that being a proprietary trader at Goldman Sachs is tantamount to being He-Man and all the Masters of the Universe, you would have thought that life post-Goldman prop trading involved yachts and private beaches. Apparently not. In an article today, Bloomberg claims not only that Goldman Sachs is still engaged in proprietary trading, but that its ex-prop traders lead quite parochial lives.

Somewhere deep inside Goldman’s Manhattan HQ, there exists a 12 man team called ‘Multi-Strategy Investing’ (MSI), says Bloomberg. This is allegedly a team of prop traders in all but name – the Volcker Rule bans banks from engaging in prop trading when it involves short term bets, but it doesn’t prevent long term ‘investments.’ MSI engages in long term investing as a result.

MSI is led by Daniel Oneglia and Geoff Adamson, both Princeton University alumni, and a former eating club member and rowing cox respectively. Oneglia and Adamson may lead glamourous lives, but the same cannot be said for MSI’s ex-employees. Bloomberg spoke to Ryan Frankel, a 29 year old who worked in MSI until 2008 and is now in charge of a translation company, and to Ashkan Marsh, a 30 year old who also left the unit in 2008 and is now completing an MBA at Harvard. Neither appears to have made enough money at Goldman to retire with a large boat.

Meanwhile:

Basel III has been good news for banks and could be good news for banks’ hiring. (Evening Standard) 

Robert Walters has said there’s no sign that the ‘challenging conditions’ will improve in 2013. (Bloomberg) 

Jamie Forese was already running Citi’s investment bank. Now he’ll run transaction services too. (Financial Times) 

Rachid Bouzouba, global co-head of equities at Nomura until March 2011, has joined Mariana Capital Markets as a founding partner in Asia. Mariana was set up by a former Lehman risk professional. (Financial News) 

RBC has hired three senior technology bankers from Barclays in New York. (Wall Street Journal) 

Equity research teams are overstaffed, but banks are living with it. (Financial News) 

Asia is now so important for Citi that its Asian risk head has been made head of risk globally. (Wall Street Journal) 

Rachid Bouzouba, global co-head of equities at Nomura until March 2011, has joined Mariana Capital Markets as a founding partner in Asia. Mariana was set up by a former Lehman risk professional. (Financial News )

Psychologically mobile individuals spend more time searching for a job and are invited more often to interviews. But they get less job offers. (ScienceDirect)

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