JPMorgan poaches a star equities trader from Goldman Sachs who was part of team that made $200 million in profit in one day (JPM, GS)

• JPMorgan has hired Borzu Masoudi from Goldman Sachs for US index flow trading in its equities department.
• When he joins in August, Masoudi will replace David Kim, who recently decamped for Bank of America.

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JPMorgan didn’t wait long to replace a recently-departed senior equities trader.

The bank has hired Borzu Masoudi from Goldman Sachs as a trader on its US index flow trading desk, according to a person briefed on the appointment. He’ll replace David Kim, who left for Bank of America last month, the person said.

Masoudi, a vice president, is seen as a rising star in the world of equity derivatives, according to a recruiter with knowledge of the industry. He was also part of the team which allegedly made more than $200 million in profit in one day earlier this year. He’s expected to join the New York-based bank in August after spending a little more than a year at Goldman, according to his LinkedIn profile. He spent the majority of his career at Deutsche Bank.

JPMorgan’s equities business, run from London by Jason Sippel, brought in $2 billion in revenue in the first quarter, a 26% increase over the prior year. Industrywide, equities revenue rose 28% in that period, according to Keefe, Bruyette & Woods, boosted by trading in derivatives such as options or swaps. Trading has since slowed, banking executives say.

Competition for star traders has heated up this year as a rebound in volatility revived Wall Street stock-trading desks. In addition to Kim, JPMorgan also lost Seok Yoon Jeong, its head of index flow volatility trading in the US, to Citigroup in March.

JPMorgan has lagged behind rivals Morgan Stanley and Goldman for equities trading market share, though that gap is narrowing.

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