Goldman Sachs has hired Nick Pappas, a credit derivatives trader at Bear Stearns in New York, for a similar position. Derek Smith, managing director and head of the investment-grade credit derivatives trading desk at Goldman in New York, said Pappas was hired as part of an effort to expand its franchise. Pappas, who declined comment, will trade telecoms, cable and media.
At Bear Stearns, Pappas reported to James Kenny, head of credit derivatives flow trading, who was out of the office and could not be reached. Karen Besa, spokeswoman in New York, did not return calls.
