Joseph Mauro, Goldman Sachs' head of fixed income, currencies, and commodities European hedge fund sales, co-head of European macro rates sales, and the man who wrote "that memo" is leaving Goldman Sachs after 13 years. He's understood to he joining a New York-based macro hedge fund.
Goldman's securities heads Isabelle Ealet, Pablo Salame and Ashok Varadhan sent an internal memo announcing Mauro's retirement today. There had been rumours about his departure for sometime.
Colleagues say Mauro is not in fact retiring but is off to join a hedge fund in New York - quite possibly that founded by Ben Melkman, the trader who left Brevan Howard last month. Mauro is also close to the likes of Bradley Wickens, the ex-Spinnaker Capital portfolio manager who’s launching a new emerging markets hedge fund this October, and Greg Coffey, the ex-Moore Capital trader who quit the industry in 2012 and is rumoured to be planning a comeback.
Mauro's exit follows that of various other senior Goldman fixed income salespeople, including Dalinç Ariburnu, the former head of fixed income and currency sales in Europe, who retired from the firm in April.
In the wake of Brexit, London headhunters predict that banks will expedite early retirement for costly senior staff to cut costs. Wholesale headcount cuts are expected in September and October.
Mauro's viral memo to Goldman juniors in March encouraged them to "keep running" to keep their careers on track. He seems to have taken his own advice.