Goldman Sachs’ Head of Spot FX Leaves after 12 Years
The head of spot foreign-exchange trading at Goldman Sachs, Mitesh Parikh, is exiting the prolific bank after 12 years to take up an appointment with a hedge fund.
Parikh, who started working at Goldman Sachs in July 2002, will trade currencies at the hedge fund.
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When contacted, Parikh and a Goldman Sachs spokesperson refused to comment on the new development. His resignation comes at a time when most traders have left most banks due to tighter regulation and cost cutting measures.
Various national regulators are also investigating allegations of manipulation of key benchmarks in the $5.3 trillion-a-day forex market, where traders exchanged confidential client data in order to rig forex benchmarks. However, individuals who are privy to the information denied any claims that Parikh left as a result of the investigation.
. “It’s no surprise to see talented individuals looking to move to a less constrained environment,” John Purcell, a London-based chief executive officer of executive-search firm Purcell & Co. “In the political heat generated during the recent downturn, regulators became overzealous trying to outdo each other with their ‘bash the banks, tough-guy approach.’”
The investigations prompted Deutsche Bank’s Christopher Fahy and Citigroup’s Jeffrey Feig to join Fortress Investment Group LLC, U.S. first listed hedge-fund manager and private equity firm.
Citigroup’s former FX executive Rohan Ramchandani also left to join London Capital Group, an online trading firm, early this September. Darren Coote, Lloyd’s Banking Group global head of spot FX also left in April, citing personal reasons. Kevin Rodgers of Deutsche Bank also resigned in June, having worked with the bank for 15 years to pursue personal interest in performing arts.