Key Takeaways
- • Chris Perez, former Managing Director of market risk and quantitative analytics at Goldman Sachs after nearly 11 years tenure, has departed to become head of market risk at BlockFi, a crypto wealth management platform backed by Galaxy Digital, joining fellow ex-Goldman executive Yuri Mushkin who serves as chief risk officer.
- • Multiple senior Goldman Sachs quantitative staff have exited for buy-side opportunities: Sid Chaturvedi (executive director, equities systematic trading, London) joined Millennium hedge fund in Dubai; Wojciech Borzynski (executive director, cross-asset derivatives automation strategies) moved to Cubist Systematic Strategies, Point 72's systematic hedge fund in London.
- • Goldman's 2022 bonus structure—heavily weighted toward investment bankers rather than quantitative and risk staff—has accelerated departures among quants seeking higher compensation and greater exit opportunities on the buy-side and in crypto.
- • Quantitative professionals in investment bank risk and strategy roles earn significantly less than trading counterparts, creating structural incentive misalignment and making external opportunities more attractive despite broader market uncertainty in crypto assets.
Summary
Goldman Sachs is experiencing material attrition among its quantitative talent pool, with several senior-level departures occurring in early 2022 despite announced bonus programs. The most prominent exit is Chris Perez, a Managing Director who spent nearly 11 years leading market risk and quantitative analytics at Goldman's New York office before joining BlockFi as head of market risk. BlockFi, a Jersey City-based crypto wealth management provider backed by Galaxy Digital, has become an attraction point for senior quants; Perez will report to Yuri Mushkin, another former Goldman executive who joined BlockFi as chief risk officer in July 2021 after stints at McKinsey & Co. Mushkin previously held the rank of executive director in credit risk modeling within Goldman's London operations.
The departures extend beyond crypto-focused roles. Sid Chaturvedi, an executive director specializing in equities systematic trading at Goldman's London office, transitioned to Millennium hedge fund in Dubai as a senior portfolio manager—a move that offers both enhanced earning potential and more favorable tax treatment. Wojciech Borzynski, an executive director focused on cross-asset derivatives automation strategies, joined Cubist Systematic Strategies, the systematically-managed hedge fund operated by Point 72 in London, as a quantitative developer.
The departures reflect structural compensation dynamics within investment banking. Quantitative professionals employed in risk management and strategy roles typically earn materially less than those in trading divisions, while simultaneously possessing the technical expertise that positions them competitively for lucrative buy-side opportunities. With 2022 bonus allocations skewed toward investment banking dealmakers rather than quantitative infrastructure roles, quants face limited incentive to remain in their current positions. The confluence of modest compensation in-house and abundant external opportunities—particularly in emerging hedge fund and crypto hiring markets—has created a transparent arbitrage for talent departure, despite volatility in crypto valuations and uncertain market conditions.
The departures extend beyond crypto-focused roles. Sid Chaturvedi, an executive director specializing in equities systematic trading at Goldman's London office, transitioned to Millennium hedge fund in Dubai as a senior portfolio manager—a move that offers both enhanced earning potential and more favorable tax treatment. Wojciech Borzynski, an executive director focused on cross-asset derivatives automation strategies, joined Cubist Systematic Strategies, the systematically-managed hedge fund operated by Point 72 in London, as a quantitative developer.
The departures reflect structural compensation dynamics within investment banking. Quantitative professionals employed in risk management and strategy roles typically earn materially less than those in trading divisions, while simultaneously possessing the technical expertise that positions them competitively for lucrative buy-side opportunities. With 2022 bonus allocations skewed toward investment banking dealmakers rather than quantitative infrastructure roles, quants face limited incentive to remain in their current positions. The confluence of modest compensation in-house and abundant external opportunities—particularly in emerging hedge fund and crypto hiring markets—has created a transparent arbitrage for talent departure, despite volatility in crypto valuations and uncertain market conditions.
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