Rates structurer defects from Goldman Sachs to Deutsche Bank after less than 2 years

Another day, another exit from Goldman Sachs' EMEA rates team, this time of someone who's Goldman career had barely begun. .

Insiders say Emmanuel Biensan, a London-based director in structured rates sales to the French market has quit for Deutsche Bank. Biensan, who previously spent 13.5 years at Credit Suisse, only arrived at Goldman in May 2016.

Biensan is one of a whole string people to leave Goldman's London rates team this year. As we reported yesterday, Patrick Stewart, a signficant rates trader, is understood to have quit this week. Simon Kingsbury, head of European interest rate swaps trading, Seb Fassam an associate-level sterling trader, Stanley Sheriff, a top junior macro trader, and Sebastien Angles-Dauriac, a senior structurer in the macro division, have also left in the past month.

Goldman Sachs didn't respond to a request to comment on Biensan's departure. Sources said he will be joining Deutsche Bank's rates team under Panos Stergiou, European head of rates sales and structuring. Deutsche Bank declined to comment.

Goldman's exits come as it steps up external hiring in its fixed income division, particular at the executive director level.  The exits from its rates team, including that of Biensan who only recently arrived, suggest that it may need to do more to keep hold of the staff it's already got.

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