Goldman Sachs has poached a senior corporate derivatives executive from UBS as it seeks to grow the business under assumed CEO-in-waiting David Solomon. Former UBS executive director Andrew Bisset will start with Goldman after his gardening leave period is up, according to sources.
The move comes just a month after Solomon, Goldman’s current COO, provided a strategy update for investors in which he singled out the bank’s corporate derivatives business as an area of focus. Goldman Sachs finished 2017 with the fourth-ranked corporate derivatives franchise, but Solomon indicated at the time that the bank planned to grow the team.
The hire comes at a somewhat tumultuous time for Goldman’s equity derivatives business, at least in Europe. Several high-profile traders have recently left the bank, including executive directors Francesco Taglietti and James Spooner in May. Nick Laux, the London-based head of single stocks derivatives trading and a Goldman Sachs lifer, is also said to have left the bank, as has Jean Paul Gorda, an executive director in equity derivatives sales in Paris. The departures follow a number of big-name equity derivatives hires earlier in the year.
Bisset, who is based out of New York, spent the last decade at UBS following a two-year stint at Lehman Brothers, where he was a risk solutions analyst, according to LinkedIn. Neither Goldman or Bisset responded to requests for comment on the hire.
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