Goldman Sachs' top US ETF trader has left for rival JPMorgan
- The head of US ETF trading has left Goldman Sachs and is joining rival JPMorgan Chase, according to people familiar with the matter.
- It's at least the third senior defection in Goldman's equities business since March.
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Another senior equities trader has left Goldman Sachs and is headed to rival JPMorgan Chase.
Edward Rossetti, the head of ETF Trading in the US at Goldman, is leaving for a similar role at JPMorgan, according to people familiar with the matter.
Rossetti, 35, has more than a decade of ETF trading under his belt, and has experience with both equity and fixed-income products, as well as futures and swaps, according to a bio from an industry conference he spoke at.
He started out at Merrill Lynch in 2006 and moved to Goldman in 2008, according to FINRA records. He graduated from the State University of New York College at Buffalo in 2005, according to his LinkedIn bio.
A JPMorgan spokeswoman and Rossetti declined to comment. Goldman did not immediately respond with comment.
Rossetti's departure is the third senior defection in the Goldman's equities business since March. Jack Johnston, a top salestrader who specialized in hedge-fund clients, left to cohead US equity salestrading at JPMorgan. Danielle Johnson, a managing director in the bank's client-relationship-management group, was poached by Credit Suisse to co-run its Americas equities business with Paul Galietto.
JPMorgan had the best performing equities team in a rough first quarter in stock trading for the big banks. Its business was down 13% compared with 2018, while peers all saw declines of more than 20%. Goldman was down 24%
Goldman Sachs reported $7.6 billion in equities revenues in 2018, a 15% increase from 2017. JPMorgan reported $6.9 billion in 2018 equities revenues, a 21% uptick from 2017.
Goldman announced in March it was cutting roughly 5% of its firmwide sales and trading staff as CEO David Solomon reviewed the business.
Dakin Campbell contributed to this report.
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- Goldman Sachs is cutting about 5% of sales and trading staff after senior equities leaders delivered a tough town-hall talk