Goldman Sachs' head of US stock trading just quit to take a big job at a rival

A Goldman Sachs partner who previously ran US stock trading has quit the investment bank and is set to join Credit Suisse, according to people familiar with the matter.

Matthew Mallgrave, who was named a partner at Goldman Sachs in 2010, quit in the past few days. He is in talks to join Credit Suisse as head of Americas cash equity trading, according to the people.

A Harvard graduate, Mallgrave was selected by the Toronto Maple Leafs in the 1988 NHL Entry Draft.

In his new role, he will work with Dan Mathisson, the head of Credit Suisse’s US equity trading business.

Scott Lynch will remain head of Americas cash equity trading until Mallgrave joins, according to the people.

Equities businesses at the biggest banks have had a good year. The top ten banks made $US24.6 billion from equities sales and trading in the first half, according to data from Coalition, up 18% from the same period last year.

Credit Suisse is one of the leading players globally in the business, with strong position in cash equities and future options, according to Coalition. It ranked joint third in both by revenues.

Its US business is smaller however, ranking behind the big five US investment banks – Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America Merrill Lynch and Citigroup – and European rival Deutsche Bank, according to the Coalition rankings.

The bank is expected to refocus and prioritise its most profitable units under new chief executive Tidjane Thiam. The bank is planning to give an update on its strategy on October 21.

NOW WATCH: An Army veteran was shot multiple times protecting others students from the Oregon gunman

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.