Goldman Sachs rehired an ex-ED as an MD after 10 months away

Goldman Sachs has rehired one of its former executive directors (EDs) as a managing director (MD) in London.

Adam Iqbal, who left Goldman last November to join fixed investment management firm Pimco as executive vice president and portfolio manager, is back at the U.S. bank just 10 months. This time, however, he has a bigger job.  In his earlier three and a half year stint at Goldman, Iqbal was an ED and EMEA head of G10 options trading. Now he's an MD and head of FX exotics and correlation trading globally.

During his brief interlude at Pimco, Iqbal handled foreign exchange options and specialist volatility strategies. A Ph.D. in Financial Mathematics and Financial Economics from Imperial College London, Iqbal began his career at Barclays as a forex vanilla and exotic options trader in 2010. He became a vice president at Barclays  in 2013 but shifted to Goldman a year later. He has also authored a book titled 'Volatility - Practical Options Theory', which will be released in October this year.

Iqbal's reasons for leaving Pimco aren't clear, but Goldman has certainly shown itself willing to hire-in MDs from outside. Over the last few months, it's brought on-board at least five new MDs in its New York office. The new hires include Max Ritter, a former MD at Morgan Stanley, David Hammond, a former MD at Credit Suisse, Wendy Jones, the ex-head of re-engineering at Och-Ziff Capital Management, Rebecca Kruger, a former MD at Citi and Koby Rosenschein, another ex-Goldmanite, who had previously spent 15 years at the bank before moving to Two Sigma as senior vice president and head of engineering education in 2015.

Iqbal isn't the first former executive director that Goldman's hired and promoted. Nor is he the first ex-Goldman ED who's been rehired as an MD. In May, GS hired Patrik Czornik from J.P. Morgan as a managing director in telecoms, media and technology investment banking for Europe. Czornik was a mere ED at JPM. In April, Goldman re-hired Nicola Garrood from RBC as a managing director on its equities compliance team in London. Garrood worked for Goldman before joining RBC in 2015 - but she too was just an executive director in her first sojourn at the firm.

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