Jefferies Names Former RBS Trader Golden Head of Its Treasury Trading Desk

Jefferies & Co., one of the 18 primary dealers that trade U.S. government debt with the Federal Reserve, hired former Royal Bank of Scotland Plc trader James Golden as head of its Treasury trading desk.

Golden, 50, joined the firm this week in the newly created position, according to Chris Bury, co-head of fixed-income rates at New York-based Jefferies. He had joined Royal Bank’s RBS Securities unit in May 2008 after leaving Merrill Lynch & Co. Golden, who worked as a trader at RBS Securities until August, has been trading bonds since 1988.

RBS Securities said last month that Rishi Shah, who had been co-head of interest rates with Richard Volpe, and James Galluzzo, who traded short-term Treasuries, left the firm.

RBS Securities hired Stephen Callahan, formerly head of Treasury trading at Morgan Stanley and Barclays Plc, as a senior trader, reporting to Volpe, said Michael Geller, a spokesman for the firm.

The decision to hire Callahan, who started at RBS Securities in August, was unrelated to any other personnel changes, Geller said.

Treasuries of all maturities have returned 8.8 percent this year through Oct. 14, compared with a 3.7 percent decline last year, according to the Bank of America Merrill Lynch U.S. Treasury Master index.

To contact the reporters on this story: Daniel Kruger in New York at

To contact the editor responsible for this story: Dave Liedtka at

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