The churn in the senior ranks in Goldman Sachs' markets division continues. So far this month, at least two long-serving managing directors have departed for Wall Street competitors.
Derek Brown, a managing director in Goldman Sachs' equities division, joined Citigroup as a managing director earlier this month. He was bumped up to MD in 2005 at Goldman, and had been working at the firm for over 19 years.
Meanwhile, Thomas Harrop, a managing director in Goldman's global liquidity products division in New York, has just joined Credit Suisse. Again, Harrop spent a long time at Goldman Sachs - he joined in March 2004, as a prop trader focused primarily on credit derivatives. He was promoted to managing director in 2012.
Harrop spent nearly three years in Hong Kong where he was APAC co-treasurer and a managing director in its global liquidity products group. He returned to New York in July this year, but departed Goldman earlier this month.
Goldman's bi-annual promotion of partners earlier this month was always likely to see the departure of some managing directors who failed to make the cut. However, Goldman has also been making some deep cuts to its U.S. operation - 443 employees have been affected by numerous announcements throughout this year stating its intentions to cut staff in New York. Most of the job cuts earlier this year hit senior sales and trading staff within its fixed income currencies and commodities division.
Citigroup, meanwhile, has been quietly shoring up its equities business since the departure of its equities head Derek Bandeen earlier this year. It brought in Armando Diaz from hedge fund Millennium Capital Management to run its cash equities business in the Americas, while Dirk Keijer and Quentin Andre also joined from Goldman Sachs in senior derivatives sales roles.
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