Emerging markets traders keep leaving Goldman Sachs

Goldman Sachs has had a spate of exits in its emerging markets trading business. Some of its senior traders have left for hedge funds; some have left for rival banks.

Akash Patel, Goldman's global head of emerging market (EM) credit trading, left earlier this month for hedge fund Millennium, where he's thought to be building a "pod" in Dubai. Jamie Peterson, a senior EM credit trader at Goldman in New York has handed in his resignation, and is thought to be going to run emerging markets credit derivatives at Citi.

Guido Rosas, a vice president (VP) level credit trader at Goldman also left in June, and joined hedge fund Kirkoswald Asset Management in New York City.

Goldman Sachs declined to comment on the exits. Insiders suggested that Peterson and Patel were among the major PnL generators on the team. Luciano Coster also left for Mizuho in March.

Fixed income sales and trading revenues at Goldman Sachs fell 10% year-on-year in the first nine months of 2021. Goldman didn't discuss the success of its emerging markets business at the time. This week's collapse in the Turkish Lira  will have generated opportunity for big profits - and for big losses. Tolga Kirbay famously lost $19m on Turkish Lira trades as a director at Barclays in 2018; he's now an MD at the British bank.

Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Photo by Tarik Haiga on Unsplash