Goldman Sachs has been hiring for its depleted London credit trading team.
Goldman is understood to have lost two senior investment grade European credit traders to Jefferies within the past month - Christian Santo and Andrew Crutchlow are thought to have quit for Jefferies, in a move confirmed by multiple sources in the market.
In their absence, sources say Goldman has been busy trying to fill its gaps. At least three new credit traders are said to have been hired, one of whom has arrived already: Bradley Wright.
Wright, who came from Credit Agricole in Paris but (unusually) seems to be entirely English, spent seven months at Credit Ag after 11 months at Mizuho and two and a half years at Jefferies.
The identity of Goldman's other two new credit traders is unclear, but they're understood to be joining this summer. Neither Goldman Sachs nor Jefferies immediately responded to a request to comment.
Santo and Crutchlow arrived at Goldman from Mizuho in 2019, making their tenure there also comparatively short-lived. Their exit to Jefferies comes despite a 37% year-on-year drop in fixed income sales and trading revenues at Jefferies in the second quarter, but is likely driven by an aspiration to increase their bonuses. - Jefferies is known for paying bonuses that are a percentage of P&L and for the most part, credit traders across the industry have had a good year.
Santo and Crutchlow's arrival follow various big hires at Jefferies. The US bank also hired Mark Collier from Citi as EMEA head of securitisation in June. In 2020, it hired Laura Coady from Citi as co-head of the European securitisation group, along with Hugh Upcott-Gill and Luis Leon Carsi as co-head of EMEA CLO origination.
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