In theory, Goldman Sachs should be trying its hardest to keep everyone on its strats team happy. After all, strats are one of its priorities - or were under outgoing CEO Lloyd Blankfein.
It's curious, therefore, that one of the strats Goldman hired only last year to work on its algorithmic trading platform has left again after little more than a year. - Alex Skrypnik, a London-based quant developer whom Goldman hired from Bank of America's cross-asset algorithmic trading system in July 2017 has just quit to work as a director in electronic trading at Citi.
Skrypnik declined to comment for this article, but we understand he is not the only recently hired Goldman strat to have left: others recruited last year are understood to have gone to Morgan Stanley and UBS.
Skrypnik's departure comes as Goldman has been building its quant execution business under Michael Steliaros, whom it hired from Bank of America last November. It's quite possible that Steliaros' new recruits are simply displacing previous hires.
Other recent exits from Goldman include Anoop Dalvi, a New York-based vice president in equity derivatives trading. Dalvi left Goldman this month after fourteen years and is understood to be joining a rival bank (although we don't know which). His is the latest in a series of senior exits from Goldman's global equity derivatives business, which has also been hiring in New York, London and Paris.
Both equity derivatives and strats are hot hiring areas at most banks right now, and rivals are likely to be only too pleased to rehouse anyone leaving Goldman. One strat complained that the firm doesn't accord the strats team sufficient status and wrongly presumes it will be easy to replace anyone who leaves. Speaking off the record, however, another Goldman insider said the firm's push into electronic equities trading is going well and that the firm is having record days most days and has built its highest ever market share.
Goldman reported its second quarter results today. Fixed income trading revenues were up 45% year-on-year. Equities trading revenues were flat.
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