Goldman Sachs is building out its algorithmic trading business. As the Financial Times reported last week, the firm has trebled the number of corporate bonds trading on its algorithmic platform to 7,000 in the past year under Konstantin Shakhnovich, head of its fixed income systematic market making group. It's not just bonds though: Goldman's also expanding its equities algorithmic trading business - and hiring in the process.
As we reported last month, Goldman's electronic trading business in Europe is run by Ben Coward Talbot, an ex-Morgan Stanley rising star who joined two years ago. Coward Talbot is understood to be spearheading the expansion of Goldman's algo trading business in Europe.
In electronic equities, Goldman has a thing for hiring from Barclays. In the past few months, it's brought on both Timo Tatzel, a program trader from the British bank and Davinder Bedi, a special situations trader, also from Barclays. They follow fellow ex-Barclays electronic traders like Alex Harman, who joined Goldman a few years ago. Goldman's also boosting its electronic execution sales and marketing capabilities. Since June, it's hired Pierre Cornet d’Elzius and Tom Groothaert, salesmen from Credit Suisse and Alexandra Marciniak, former head of marketing for Bloomberg's trade book (who joins as an associate). It's also understood to have recruited Jack Leppard in electronic execution sales from KCG.
These front office hires have been supported by over six new recruits in algo development in the past two months.
Goldman Sachs didn't respond to a request to comment on its algo hiring activities. Despite the flurry, we understand recruitment in the area will continue in the next few months, with a particularly focus on the strats team that works with the algorithmic traders. Last time we looked however, these strats jobs were appearing in Warsaw rather than London.