Goldman Sachs European spot FX trading head departs

Bloomberg is reporting that Goldman Sachs Group’s European head of spot FX trading, Mitesh Parikh, is leaving after 12 years to join a hedge fund, according to unnamed sources.

Parikh, 35, will resign to trade currencies at an investment firm, said the people, who asked not to be identified because the move isn’t public. Parikh, who worked in London, was unavailable for comment. According to his LinkedIn profile, Parikh joined Goldman Sachs in July 2002.

His departure marks the continued exodus of traders from banks amid cost cutting and increased regulation that prevents proprietary trading and limits the capital trading desks may put at risk. The number of bankers doing business in the Group of 10 currencies shrank to 2,278 in the first half of this year from 2,929 in the same period of 2010 (a 25% decline), according to London-based consulting firm Coalition Ltd.

A Goldman Sachs spokesman also declined to comment on the move.

As has been reported by LeapRate throughout the year, regulators have been probing the $5.3 trillion-a-day market over allegations dealers leaked confidential client information and colluded to rig benchmarks. In related news, a couple weeks ago former probed Citigroup trader Rohan Ramchandani joined up with London Capital Group, he was not charged with any wrong doing.

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