Goldman Sachs & JPMorgan lost rates sales staff in post-bonus moves
Bonuses have been paid and people are moving on. Some of those people include rates sales professionals at leading US banks.
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Sources say that both Goldman Sachs and JPMorgan have lost senior rates salespeople in the past few days. At Goldman Sachs, Jacob Gordon, a US rates sales managing director based in West Palm Beach, is understood to be joining a mystery hedge fund. At JPMorgan, London-based Plamen Balchev is understood to be leaving after 11 years to join Bank of America.
Goldman Sachs declined to comment. JPMorgan and Bank of America didn't respond to a request to comment.
The exits come after Goldman Sachs also lost Scott Rubner from its West Palm Beach team last month. At Goldman, Bloomberg said Rubner was a 'tactical specialist' for global markets. He's joining Citadel Securities, where he will offer 'insights and commentary' to clients, reporting to Dave Silber, head of institutional options.
Staff changes come as markets turn more volatile on uncertainty over tariffs and a lack of clarity on rates. The Federal Reserve is due to deliver its latest decision on rates on Wednesday and the FT says they're expected to remain stable as inflation falls. The European Central Bank cut rates by a quarter of a percentage point to 2.5% earlier this month.
There are some concerns that Trump may go entirely off-piste and restructure US government debt while demanding that trading partners collaborate to enable the depreciation of the dollar.
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