Goldman loses senior credit trader to crosstown rival Morgan Stanley, as incoming CEO Solomon looks to remake securities business
- Shawn Joshi, who trades credit-default swap indexes, left Goldman Sachs on Wednesday for crosstown rival Morgan Stanley, according to people with knowledge of his exit.
- Joshi will join Morgan Stanley to head up the index trading desk once his garden leave is complete.
- He's just the latest in a series of exits from the securities division as soon-to-be CEO David Solomon puts his stamp on a division that has underperformed in recent years.
Top Goldman Sachs trader Shawn Joshi has left for crosstown rival Morgan Stanley as his former employer continues to suffer churn in the trading business as employees prepare for a new CEO.
Joshi, who left Goldman on Wednesday, was a derivatives trader in the firm's credit trading business and he traded credit-default swap indexes, according to people familiar with the matter. He was a managing director at Goldman, earning the title last year in what was the firms' largest MD class in history.
At Morgan Stanley, he'll head up the index trading desk within the credit business, one of the people said. He will report to Ed Bayliss, who runs investment grade, index products and portfolio trading.
Representatives from Goldman Sachs and Morgan Stanley declined to comment.
Joshi graduated from Duke University, where he joined Phi Beta Kappa, according to his LinkedIn profile. He majored in economics and chemistry and then joined Goldman right out of college.
He's just the latest from the sales and trading business to leave Goldman as new CEO David Solomon remakes the securities business. Earlier this week, Stacy Bash-Polley, a partner who is head of client relationship management and strategy, announced her decision to retire at the end of the year. Paul Russo, co-chief operating officer for the equities business, is also leaving, a person with knowledge of the move said last week.
Solomon, whose first day as CEO is next week, has already appointed Marty Chavez and James Esposito as co-heads of the division, joining Ashok Varadhan. Many people in the division are anxiously awaiting Solomon's next move to return the securities division to its earlier heights.