Goldman Snares JPMorgan Cap Arb Trader
Goldman Sachs has lured Mark Lynch, a capital structure arbitrage trader from JPMorgan in London, to work on its proprietary trading desk in New York. Lynch will report to Derek Smith, managing director and head of credit derivatives trading at Goldman in New York, who declined comment. Lynch could not be reached.
Capital structure arbitrage seeks to exploit pricing discrepancies between different securities, such as debt and equity, of the same firm. Lynch is thought to be filling a new seat at Goldman, according to officials.
At JPMorgan, Lynch reported to Guy America, managing director and European head of corporate credit trading in London. Lynch will be replaced with an internal transfer.