Citi's top inflation trader is joining Brevan Howard; Goldman's is a man of mystery
Bonuses are paid and inflation traders are on the move. Citi's top man has gone. So has Goldman's. Only one has a known destination.
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International Financing Review reported today that Douglas Cypel, Citi's star inflation trader in Paris, has left Citi. Cypel, who was an MD and Citi's head of G3 inflation trading was said to be joining an unnamed hedge fund. We can reveal that this hedge fund is Brevan Howard. Brevan Howard is not commenting.
While Cypel relaxes on gardening leave before his new role, Goldman Sachs' own star inflation trader remains AWOL. As we reported this week, Nikhil Choraria, head of European interest-rate products, and a partner at Goldman Sachs, also resigned.
The market has since been deep in speculation as to Choraria's intentions. Rumour has it that Choraria is joining a major multistrategy hedge fund. Right now, however, we understand that neither Citadel, nor Millennium, nor Balyasny, nor Schonfeld are hiring him. Nor is Choraria understood to be joining Citadel Securities.
42-year-old Choraria was one of Goldman's top earning traders. He joined the firm in 2004 and made a particularly large amount of money in 2021 when Bloomberg reported that Goldman's inflation desk generated $450m in revenues.
Given that Choraria is 42 and spend 22 years at Goldman, he will have benefited from the firm's rule of 60, which states that when tenure and age add up to more than 60 people can walk away and keep all their unvested stock.
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