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Goldman Sachs has poached a senior trader from Bank of America’s derivatives desk — one of the hottest corners of trading in 2020

Business

david solomon

Summary List Placement

Goldman Sachs has poached a senior trader from Bank of America to fortify one of the hottest trading desks on Wall Street. 

Mitchell Story, a managing director in equity derivatives trading, has resigned from BofA and is joining Goldman, according to sources familiar with the matter. Story, who specializes in index volatility trading, is joining as a senior derivatives trader, the sources said. 

Representatives at Bank of America and Goldman Sachs declined to comment. 

In a banner year for trading at Wall Street banks, equity derivatives was one of the best performers.

Equities trading revenues climbed 12% across the largest banks to $46.5 billion in 2020, according to industry data firm Coalition, with derivatives reaching their highest volumes in a decade, thanks in large part to a surge in volatility trading by clients. 

Flow derivatives desks produced monster trading revenues amid the market swoon last spring as the coronavirus pandemic spread, producing record surges of volatility.

Many traders reaped large windfalls for their firms amid the market turmoil, and the desk is in high demand across Wall Street, industry insiders said. 

Story joins Goldman after two years at Bank of America. He was promoted to MD in 2020. 

Prior to BofA, Story did a short stint at Citadel in 2018, and before that he was an equity volatility trader at JPMorgan and Barclays.

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