A 35-year-old managing director in Goldman Sachs’s (NYSE:GS) commodity-derivatives trading group quit after 14 years with the company and may join a hedge fund, a source with knowledge of the matter said.
Raj Sethi, who once ran the bank’s U.S. power-trading business, left earlier this week, adding to the number of employees cutting ties with the company. Ben Jacobs, a vice president in the commodities group, also quit last week, the source said.
The two are among the many proprietary traders who have left various Wall Street firms because of new U.S. regulations, like the Volcker Rule, which seeks to protect depositors’ money by reducing the chance banks have of making risky investments with their own capital.
Michael Duvally, a Goldman Sachs spokesman, declined to comment on the departures.
To contact the reporter on this story: Patricia Lee at email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org