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JPMorgan is raiding Goldman Sachs' U.S equities business

When Goldman CFO Harvey Schwartz made his presentation at the Barclays' Financial Services Conference today, he said the firm plans to increase equities sales and trading revenues by $500m over the next three years. Although this will be largely achieved through increased algorithmic and electronic trading, it probably won't help that Goldman is being raided by a former employee who's joined J.P. Morgan.

Matt Mallgrave joined J.P.M as head of cash equities trading in April. Although Mallgrave came to J.P. from from Credit Suisse, he was a Goldman partner until 2016 and it's to GS that he seems to be turning his attention as he hires.

Insiders say Mallgrave just poached Glenn Kujawski, one of Goldman's most senior traders of international equities in NYC. Kujawski's FINRA page shows him joining JPM yesterday after quitting Goldman in August.

J.P. Morgan didn't immediately respond to a request to comment on Kujawksi's arrival, but he's undoubtedly arrived as a managing director. Given the proximity to bonuses, J.P.M. also almost certainly gave him a big inducement to move across.

Kujawski joined Goldman in 2005 after working for Deutsche Bank and ABN AMRO Securities. He was made managing director at the firm in 2009. We understand that Kujawski ran Goldman's Canadian and Latin American equities trading business in New York.

Kujawski's not the only Goldman trader poached by Mallgrave. In July, J.P. Morgan also hired Chris Murray, who traded Goldman's central risk book and John Whipple, a GS "event driven" equity risk trader.

J.P. Morgan has developed a machine learning algorithm, LOXM, which is about to be rolled out in the U.S. and Asia.  LOXM is expected to render some human trading talent surplus to requirement. Traders targeted by Mallgrave are clearly immune to its effects.

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Photo credit: Fortune Global Forum 2013 by Fortune Live Media s licensed under CC BY 2.0.

AUTHORSarah Butcher Global Editor

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