Goldman Sachs’ London credit business lost some special people

If you’re a credit origination professional, a credit analyst, credit trader or all round asset backed finance professional now, you have choices. If you don’t want to work in a bank, there’s always a hedge fund. And if you don’t want to work for a hedge fund, there are other asset management firms or private credit firms. If you’ve spent years working for Goldman Sachs, all these places want to hire you.

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This might explain why Goldman Sachs’ London credit business – very broadly defined – has been seeping some of its top people, including partners.

This week, it emerged that Lofti Karoui, Goldman Sachs’ London-based chief credit strategist and head of credit, mortgages and structured product research, is joining Pimco. Karoui spent 18 years at Goldman and was only promoted to partner in January 2025. Writing on LinkedIn, Karoui said his time at Goldman had been “incredible,” “special,” and “meaningful.” But becoming a managing director at Pimco was presumably more meaningful again.

Goldman insiders point out that Karoui is not the only person to have left the broad credit team at the firm in London. 

Dominic Ashcroft, who spent 23 years at the firm and was latterly head of EMEA leveraged finance, also left Goldman in June 2025 and is now at Blackstone. Jeffrey Egee, Goldman’s head of leveraged finance trading for Europe, left for Silverpoint in January. Phil Aldis, another London partner and Goldman’s former head of international FICC structured investing, left in September 2024 and reappeared at Apollo as co-head of Europe asset backed finance in January. 

Deeper in the past, Luca Lombardi, a former partner and co-head of global credit and structured products, left in late 2023. In September 2025, Lombardi founded ArxNova, an investment firm focused on the asset backed securitization market. He’s hired Enrico Orlandi, an MD who left Goldman at the same time as him and who focused on credit portfolio and ABS acquisitions in Europe there.

Goldman declined to comment on the crop of senior departures. Given that the firm employs nearly 700 people in its fixed income business in London, and a similar number in investment banking, six departures in two years may not be a big deal. And yet, they were senior people. If credit cockroaches come out of the cupboards, Goldman may have benefitted from their aid. 

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