Goldman Credit Trader Swaps Tokyo For New York
Goldman Sachs is transferring Japanese market veteran Joshua Ackman, credit derivatives trader in Tokyo, to its New York office in the coming weeks, according to market officials. Ackman was not in the office last week and could not be reached for comment. He reported to Can Uran, head of global credit derivatives trading in Tokyo, who did not respond to messages. Orlando Camargo, spokesman at Goldman, did not respond to calls regarding Ackman's replacement.
Prior to his stint at Goldman in Tokyo, Ackman held a similar role at Deutsche Bank in Tokyo (DW, 5/22/00).
"There's more opportunities in the [United] States," said one market official in Tokyo, noting that credit trading activity has quieted down significantly this year in Japan due to tight spreads. Volumes in Japan's credit default swap market have fallen by over 40% year-on-year (DW, 4/27).