Goldman Sachs hired a fixed income sales MD from J.P. Morgan as it focuses on distribution

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Joseph Nehorai

Goldman Sachs is adding to its fixed income shop front

So Goldman Sachs isn't just hiring in systematic trading. And nor is it just hiring executive directors - it's just recruited a J.P. Morgan managing director (MD) for its London fixed income sales team.

Joseph Nehorai has just just joined GS in London as an MD and global head of futures and options execution sales, according to his public profile.

Nehorai's background is in fixed income sales. He previously spent over six and a half years at J.P. Morgan in London, five and a half years at Lehman Brothers in London, and around three and a half years at Nomura in New York.

As we reported last month, Goldman Sachs is continuing the external hiring spree it began last year. Between August and mid-September, it added 29 executive directors (EDs) and managing directors (MDs) globally. Most of the hires were at ED level, with only eight of the hires MDs and most of them for Solomon's New York investment banking division.

Nehorai's arrival comes as Goldman is focused on adding $1bn of new fixed income revenues by increasing its penetration with corporate clients in particular. The firm has also been accused of neglecting clients following the loss of several of its most senior London salespeople over the past two years and an increased focus on internal politics.

Under new CEO David Solomon, Goldman is expected to continue to shift its focus away from structured products and towards flow products. As head of execution sales, Nehorai will be selling Goldman's electronic trading capabilities for simple futures and options products.

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