If you're an executive director at Goldman Sachs and you want to make managing director, you might want to think about quitting for a competitor. If you return to Goldman a few years later, you may well get hired back as an MD.
The latest Goldmanite to pull this trick is Nicola Garrood, in Goldman's equities compliance team. Garrood spent almost 12 years at Goldman before leaving for RBC in 2015. During the three years she spent at the Canadian bank, she was the head of FIC (fixed income and currencies) and equities compliance. Goldman just hired her back as a managing director in London.
Garood isn't the only person to leave a bank and return a notch higher up. Last month, Asif Karmally, a former Deutsche Bank director, returned to DB as an MD after spending a few years at Goldman Sachs.
Goldman Sachs has traditionally grown its managing directors in-house: last year, two thirds of Goldman's new MDs joined as analysts or associates, compared to just 35% at Barclays. However, Goldman is increasingly hiring externally as it seeks to rebuild its business. Garood's appointment is in line with the firm's attempts to increase revenues in equities trading. Other recent Goldman equities hires include Spencer Cross, the former head of equity index volatility trading at Deutsche Bank and Guillaume Paulhac, whom it hired last month from consultancy firm Roland Berger for equity derivatives sales in Paris.
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