More people escaped from Goldman Sachs' U.S. electronic equities team

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There have been more departures from Goldman Sachs' U.S. equities team. Two Goldman vice presidents (VPs) are understood to have resigned in the past week.

Andy Andreo, a New York-based VP in multi-asset platform sales, quit Goldman after nearly 13 years and is rumored to be joining UBS. Alvin Gattoc resigned from multi-asset platform sales after nearly 12 years, and is thought to be joining a competitor. 

Goldman Sachs declined to comment.

Both men were selling Goldman Sachs' electronic trading platform, with a focus on equities. Their exits are the latest in a spate of voluntary departures from the GS electronic equities business, which saw a series of disappearances at the end of last year and the voluntary exit of two junior staff last month.

Given the prestige of the Goldman name, it might seem unusual that people would exit of their own accords. However, GS insiders say the electronic equities business is not an entirely happy place and that staff are keener to work for high speed trading houses like Virtu and Jane Street, which pay more and are perceived to have better technology. 

Goldman's electronic business in New York is run by John Cosenza, a managing director (MD) who joined from Cowen Group in 2016. Cosenza is variously global head of product, head of America's electronic trading and a member of the global electronic trading operating committee.  Alongside Cosenza, Goldman veteran Lisa Mantil is co-head of America's electronic trading and was promoted to partner in 2018. However, Mantil is thought to be focused more on portfolio trading.

This week's electronic trading exits at GS are unlikely to be the last. Insiders say there are several more resignations in the pipeline.

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