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Hedge funds are hiring Goldman Sachs' rates traders before bonuses

It's not just quants and risk managers who are leaving Goldman. Sources say there have also been multiple exits from the London rates trading business even though we are literally days from bonus announcements.

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Goldman isn't commenting but sources say the exits, some of which happened over the Christmas break, include Pushkar Jha, Goldman's London head of inflation trading, Urvashi Chahal, a VP-level rates trader, and Shahil Ghelani a European rates trader who was based in Paris.

Chahal is thought to have gone to Millennium, where she will join an existing pod. Millennium declined to comment.

Jha is rumoured to be joining DE Shaw, which didn't immediately respond to a request to comment.

Ghelani is thought to be going to Nomura, which said in November that it wants to expand its Paris trading business. 

The moves come as Goldman is under pressure to increase bonuses in its markets business after disappointment there last year. On average, Goldman employees think their bonuses should increase 30% this year. 

One macro headhunter said hiring is still "crazy" and that the amounts hedge funds will pay traders are still high - all of those moving are thought to have gone on guarantees. 

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Photo by James Wheeler on Unsplash

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AUTHORSarah Butcher Global Editor

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