This time last year, macro traders who'd left Goldman Sachs for various reasons, including a harrumph after the recent bonus round, were turning up elsewhere. One year on, some seem to be leaving again.
One of those to move on for a second time is Yilmaz Turgut, a Turkish emerging markets rates trader who joined Morgan Stanley in July 2018 after two years at Goldman Sachs and nearly two years at Morgan Stanley.
Turgut is not at Morgan Stanley any more. And it is not clear why - Morgan Stanley declined to comment and Turgut didn't respond to a message enquiring as to his whereabouts.
Turgut's disappearance has been accompanied the arrival of Volkan Dikmen, who - as we reported yesterday - recently turned up at MS as head of CEEMEA rates trading. Dikmen also worked for Goldman Sachs, although had a brief sojourn at Citadel before joining Morgan Stanley.
Turgut's next move will be interesting. Nomura, SocGen and others have been cutting emerging markets traders and new jobs could be hard to come by. Market intelligence firm Coalition says emerging markets macro revenues were down 8% in the first quarter.
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