Goldman Sachs European OTC clearing head leaves

The departure comes as banks prepare for the onset of mandatory central clearing of OTC derivatives.

Goldman Sachs’s Stuart Connolly, European head of OTC clearing, has left the bank The Trade understands.

Connolly, a Goldman veteran of 18 years, left the bank in February due to personal reasons.

It is understood his role will be picked up internally by other members of the OTC clearing team.

During his time, Connolly led Goldman Sachs’ integration with European clearing houses for OTC derivatives, such as EurexOTC and ICE Clear Europe.

His departure comes weeks after Anthony Fraser, global head of derivatives change left the bank to join JP Morgan as global head of derivatives clearing change.

Goldman has also started shedding traders in equities and credit functions.

A spokesperson for Goldman declined to comment.