The churn in the senior ranks in Goldman Sachs’ markets division continues. So far this month, at least 2 long-serving MD’s have departed for Wall Street competitors.

Derek Brown, a managing director since 2005 in Goldman Sachs’ equities division, joined Citigroup as a managing director earlier this month. Thomas Harrop, a managing director since 2012 in Goldman’s global liquidity products division in New York, has just joined Credit Suisse. Harrop had spent nearly 3 years in Hong Kong where he was APAC co-treasurer and a managing director in its global liquidity products group.

Goldman’s bi-annual promotion of partners earlier this month was always likely to see the departure of some managing directors who failed to make the cut. However, Goldman has also been making some deep cuts to its U.S. operation – 443 employees have been affected by numerous announcements throughout this year stating its intentions to cut staff in New York. Most of the job cuts earlier this year hit senior sales and trading staff within its fixed income currencies and commodities division.