It's 2019 and markets professionals are still leaving investment banks for hedge funds and electronic brokerage firms. Senior figures from both Goldman Sachs and SocGen have resurfaced elsewhere.
François Popon, SocGen's former head of European CDS trading has just turned up at Qube Research and Technologies, the $1bn quantitative and systematic hedge fund that spun out of Credit Suisse in 2017. Popon will be a quantitative trading director at Qube according to his LinkedIn profile. It's a big change: he'd been at Credit Suisse since 2003 and left in November 2018.
Meanwhile, Doug Kletter of Goldman Sachs has become the latest new hire at Citadel Securities in New York. Kletter, who was a vice president in cross asset sales at Goldman, arrived at Citadel Securities this month.
Both Citadel Securities and Qube have been hiring. Citadel Securities has recruited 300 people in the past two years and Qube Research and Technologies now has 21 registered staff in London according to the FCA Register.
As trading systems become increasingly electronic, markets professionals in investment banks are keen to work for quantitative hedge funds and electronic market makers with advanced technologies.
Goldman Sachs insiders say the electronic equities trading business has been hit by multiple resignations, with Juliana Traut, a VP in the unit among the most recent exits.
Traut's destination is unclear, but this isn't the first time she's left Goldman. She joined the firm as an analyst in 2010 and worked for the firm until 2015 when she left for a behavioural health company and online video platform. Traut rejoined Goldman in 2017, but appears to have had a change of heart.
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