An experienced corporate sales professional has left Societe Generale in Singapore for Goldman Sachs, in a rare year-end senior hire. Desmond Hu joined Goldman’s corporate sales team as an executive director last month, according to his online profile.
He was poached by Goldman after just 15 months at SocGen, where he focused on Southeast Asia corporate sales, including FX and interest rates derivatives, and investments and money markets.
“The timing is slightly surprising. Goldman doesn’t make many front-office hires at ED level or above in Singapore – which is mainly a back-office base for the bank – let alone at this time of year when bonuses are around the corner and recruitment in sales generally dies down,” says a Singapore-based recruiter.
“But FX is a strength for Singapore as a financial centre, so people with FX backgrounds are generally in demand at banks here,” he adds.
Hu worked for Citi in Singapore between 2011 and 2014 and drove FX revenue from a portfolio of large corporates and local SMEs, according to his public profile.
The Columbia University graduate then moved to OCBC and spent two and a half years as a treasury advisor for corporates. He led the FX derivatives business within his team, providing execution, risk management and hedging advisory services.
“Moves between local and global banks in Singapore are becoming a more common occurrence on front-office CVs,” adds the recruiter.
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