Goldman Sachs has been losing people this year. Several of its macro traders have gone to BNP Paribas. Several more have gone to UBS. An emerging markets trader has gone to Nomura. A top quant trader has gone to Barclays. But rival banks aren't all Goldman's got to contend with: there are also hedge funds.
Sam Rosenberg, a euro rates trader who joined Goldman in 2013 after leaving Barclays, has recently joined BlueCrest Capital Management. The FCA Register indicates that Rosenberg arrived sometime last week.
Rosenberg graduated from Cambridge University in 2009. Insiders say Rosenberg is "young and good" and had been having a strong year at GS. Volatility in the euro/US$ exchange rate means this is where funds are looking to build up now. Additional hiring is expected, with banks like Bank of America and Barclays having empty seats on their euro rates desks.
Is Goldman, meanwhile, struggling to retain its traders this year? In emerging markets at least, rumour has it that pay was disappointing for 2016. The firm has also indicated its intention to shift towards a more corporate client base after low volatility has damaged revenues from institutional clients.
Whatever the cause, Goldman is seemingly going into the second half of 2017 with gaps to fill. Despite the strength of its brand, finding good people may be hard. - Fixed income headhunters say the market is tighter than it's been for a while. Of course, GS might be quite happy to lose some of its trading staff. While other banks cut heavily in fixed income currencies and commodities, Goldman only trimmed at the edges. What better and cheaper way to slim down than to let people leave voluntarily?
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