Goldman Sachs hired a senior German credit derivatives salesman from JPMorgan
Not everything is due to Brexit and not all German sales hires are being made in Frankfurt. - Goldman Sachs has just poached one of JPMorgan's senior German derivatives marketers in London.
Christopher Hollensteiner joined Goldman Sachs this month after over 13 years at JPMorgan, which had employed him solidly since his graduation in 2006.
Hollensteiner was an executive director in JPMorgan's financial institutions derivatives marketing team and is thought to be joining Goldman in a similar role.
It's not clear why Goldman has chosen to bolster its German sales team now (or whether Hollensteiner will soon be moving to Frankfurt), but Hollensteiner's arrival may not necessarily be related to Brexit. - Goldman has long talked-up the growth potential of the German market.
The German derivatives market has its complexities, however. As a junior at JPMorgan, Hollensteiner was part of the credit derivatives marketing group for Germany, Austria and Switzerland that signed a contract with Berlin's public transport provider BVG. BVG made a loss of $200m on the deal and refused to pay JPMorgan the money it owed. JPMorgan took the company to court.
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