Photo: Bloomberg Markets Magazine
“More than a dozen traders have quit Goldman Sachs… North American government bonds and derivatives trading desk in New York in recent months as the bank takes fewer risks and big bonuses for ambitious traders dry up,” Lauren Tara LaCapra reports at Reuters.Apparently while salespeople have been rewarded with better compensation — as well as promotions — traders have largely been ignored as Goldman moves to focus on client trading.
“[T]raders who left Goldman’s rates desk complained they were hamstrung by aggressive risk managers who limited position sizes and second-guessed trades,” Reuters reported. “They also said they were being asked to take on more responsibilities with less pay as Goldman tries to cut costs.”
In addition to nine rates desk traders who have departed Goldman in 2011, a 22-year Goldman veteran, Brian Mooney, joined BofA this week.