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Goldman Sachs MDs have been leaving pre-cuts and bonuses

Goldman Sachs is cutting staff, but helpfully its managing directors (MDs) have also been leaving of their own accords, often for rival banks.

Barclays has hired at least two Goldman MDs in the past month:  Douglas Melsheimer and Hamza Hoummady.

Melsheimer has joined Barclays as an MD in New York after five years at Goldman Sachs. He was formerly an MD at Bulger Partners (a business consultant absorbed into EY in 2018). He spent over five years at Goldman Sachs. His blog states his area of expertise to be “CRM/SFA, marketing & ad tech, and HR tech sectors.” Melsheimer joined Barclays’ CIB in New York.

Hoummady joined Barclays's London office in December as Head of EMEA non-linear rates trading, rates structuring and rates strats. He, too, was at Goldman for nearly five years.

It's not just Barclays that's stocking upon Goldman MDs. The buy-side has also been busy. Pretium partners, an investment firm founded by Don Mullen, a former Goldman partner who shot to fame for his role in Goldman’s bet against the subprime mortgage market in 2008, has just hired Emily Stecher, Goldman's head of US wealth management alternative sales. She’s also based in New York.

In December, Amanda Lynam, a GS asset management MD joined BlackRock in New York as head of macro credit research; Matt O'Neil, an equities MD in Hong Kong went to Flow Traders as global head of corporate strategy; and Franklin Jarman, a New York MD went to GoldenTree to work in private credit. Many had been with the firm for over a decade.

Managing directors leaving Goldman Sachs are nothing new, but leaving before bonuses is a rarity. As the firm cuts costs, bonuses are likely to be down dramatically this year. Some people have clearly decided it's not worth waiting around for them to be paid.

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Have a confidential story, tip, or comment you’d like to share? Contact: Zeno.Toulon@efinancialcareers.com in the first instance.

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AUTHORZeno Toulon

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