Goldman Sachs has recently witnessed the exit of over a dozen traders from the North American government bonds and derivatives trading desk in New York, Reuters reports. Traders continue to leave the U.S. bank due to lesser promotions and pay.

Interest rate derivatives trader Brian Mooney, who served the bank for 22 years, has quit to join Bank of America Merrill Lynch. Almost nine other traders from the rates desk have moved to rival banks, such as UBS, Nomura Holdings, Jefferies and JP Morgan Chase or hedge fund firms, including Stark Investments.

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