Can you ever go back to Goldman Sachs after you’ve left the ‘firm’? Yes, actually.
The head of electronic trading for J.P. Morgan’s commodities business, who joined the bank after 20 years at Goldman Sachs, has just returned to his former employer.
Scott Weinstein has just re-joined Goldman as a managing director in operations engineering in its securities business after eight years in senior electronic trading and quant roles at J.P. Morgan.
Weinstein last role at J.P. Morgan was leading the team developing its commodities automated trading systems in commodities, but was previously head of quantitative research at the bank and technology for the commodities division. He also sat on J.P. Morgan’s Electronic Trading Management Committee, which was formed in 2013.
Weinstein’s latest role represents a return to the ‘firm’ he spent over 20 years at in various senior jobs, predominantly around commodities. He was co-head of U.S. power trading at Goldman between 2002 and 2005 before moving on to a role as a bank loan trading strategist until his departure in April 2009.
Weinstein is the second senior former Goldmanite to return this year. Johnny Vo, the former head of insurance research at Goldman Sachs who left in 2011 to reinvent himself as a financial institutions group investment banker, returned to the bank in February as a managing director in research.
Investment banks’ commodities divisions made just $800m in revenues during the first quarter of 2017 – a 29% drop on the same period in 2016. However, Goldman Sachs was ranked number one last year for commodities, according to figures from Coalition. J.P. Morgan, which dominated the league tables last year, was second.
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