Key Takeaways
- • Ram Sundaram exits Goldman Sachs after leading the firm's currencies and emerging-markets business for an extended tenure; Sundaram was involved in 1MDB-related trades but was never implicated in the scandal.
- • Goldman Sachs strengthens consumer division leadership by hiring Swati Bhatia (former Stripe executive) as a partner to lead direct-to-consumer strategy, while promoting David Stark to head large partnerships following successful Apple Card and GM credit-card portfolio initiatives.
- • Brevan Howard ($11 billion fund) recruits Goldman talent aggressively, poaching mortgage trader Morad Masjedi after his 14-year tenure at Goldman to lead a mortgages-focused portfolio in New York, and adding Gregoire Vidal (formerly ExodusPoint Capital) to lead quantitative strategies business development.
- • Goldman Sachs expands diversity and inclusion leadership by broadening Chief Diversity Officer Erika Irish Brown's mandate to advise on inclusive best practices firm-wide, while promoting Megan Hogan to oversee acquisition, promotion, and retention of diverse professionals across the institution.
Summary
Wall Street experienced significant personnel reshuffling across major financial institutions during the week of February 13, 2021, with notable exits from Goldman Sachs and aggressive recruiting by Brevan Howard Asset Management.
Ram Sundaram, a longtime Goldman Sachs executive who directed the firm's currencies and emerging-markets division, departed the firm. According to Bloomberg reporting cited in the primary source, Sundaram had involvement in designing and selling trades that Goldman executed for Malaysia's 1MDB development fund, though he was never implicated in the resulting scandal that ensnared other bank officials.
Goldman Sachs simultaneously moved to reinforce its consumer banking strategy through two executive actions. The firm hired Swati Bhatia, a former executive from fintech leader Stripe, as a partner tasked with leading the bank's direct-to-consumer strategy, according to an internal memo reviewed by Business Insider. In parallel, Goldman promoted partner David Stark to oversee large partnerships within the consumer division, recognizing his instrumental role in the firm's Apple Card launch and its acquisition of General Motors' credit-card portfolio—both flagship initiatives within the consumer banking sector.
Brevan Howard, the $11 billion global macro hedge fund managed by Alan Howard, executed targeted hiring to expand its mortgage and quantitative trading capabilities. The firm recruited mortgage trader Morad Masjedi from Goldman Sachs, where Masjedi had spent 14 years, to run a mortgages-focused portfolio from the fund's New York office. Additionally, Brevan Howard brought on Gregoire Vidal, formerly of ExodusPoint Capital, where he had led business development for quantitative strategies, expanding the fund's systematic trading operations.
Goldman also signaled a strategic emphasis on diversity and inclusion, expanding Chief Diversity Officer Erika Irish Brown's mandate to advise business divisions on inclusive best practices. Megan Hogan, Goldman's head of diversity recruiting, was elevated to oversee the acquisition, promotion, and retention of diverse professionals across the entire institution, reflecting institutional commitment to diversity metrics across hiring and advancement.
Ram Sundaram, a longtime Goldman Sachs executive who directed the firm's currencies and emerging-markets division, departed the firm. According to Bloomberg reporting cited in the primary source, Sundaram had involvement in designing and selling trades that Goldman executed for Malaysia's 1MDB development fund, though he was never implicated in the resulting scandal that ensnared other bank officials.
Goldman Sachs simultaneously moved to reinforce its consumer banking strategy through two executive actions. The firm hired Swati Bhatia, a former executive from fintech leader Stripe, as a partner tasked with leading the bank's direct-to-consumer strategy, according to an internal memo reviewed by Business Insider. In parallel, Goldman promoted partner David Stark to oversee large partnerships within the consumer division, recognizing his instrumental role in the firm's Apple Card launch and its acquisition of General Motors' credit-card portfolio—both flagship initiatives within the consumer banking sector.
Brevan Howard, the $11 billion global macro hedge fund managed by Alan Howard, executed targeted hiring to expand its mortgage and quantitative trading capabilities. The firm recruited mortgage trader Morad Masjedi from Goldman Sachs, where Masjedi had spent 14 years, to run a mortgages-focused portfolio from the fund's New York office. Additionally, Brevan Howard brought on Gregoire Vidal, formerly of ExodusPoint Capital, where he had led business development for quantitative strategies, expanding the fund's systematic trading operations.
Goldman also signaled a strategic emphasis on diversity and inclusion, expanding Chief Diversity Officer Erika Irish Brown's mandate to advise business divisions on inclusive best practices. Megan Hogan, Goldman's head of diversity recruiting, was elevated to oversee the acquisition, promotion, and retention of diverse professionals across the entire institution, reflecting institutional commitment to diversity metrics across hiring and advancement.
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