Goldman Sachs hired a JPMorgan VP on an alleged $2m package

Hiring may be faltering in investment banking divisions, but some markets teams are paying generously to bring in apposite talent. Those teams include the macro credit people at Goldman Sachs.

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It's understood that Goldman has hired Eric Wu, a vice president (VP) from JPMorgan, to join its macro credit team in New York. Wu graduate from Princeton in 2018, making him around 28 years old. He'd been at JPMorgan ever since, before joining Goldman this March. 

Two US banks swapping VPs wouldn't be that notable, were it not for the fact that Wu is understood to have moved on an unusually large package, rumored to be as high as $2m. He's thought to be reporting to Alex Finston, a partner and co-head of US credit trading at the bank.

Goldman Sachs declined to comment.

Wu isn't the only recent big move in the macro credit space. Wells Fargo has also recruited Sam Page, Citi's head of macro credit trading, as a managing director in credit trading based in Boston. Page is thought to have made the move for family reasons. He will report to Mike Hogan, the head of US credit trading at Wells Fargo, who also worked for Citi between 2019 and 2021. 

Wells Fargo and Citi declined to comment as well.

Michael Nelson, head of markets for the Americas at search firm Sheffield Haworth, says macro credit is a growth area as banks staff-up to compete with the likes of Citadel Securities and Jane Street, which are moving in on the space. Goldman Sachs, JPMorgan and Morgan Stanley already have well-established teams, while Deutsche Bank and Bank of America are among those recruiting after losing staff last year. 

Photo by Jon Tyson on Unsplash

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