Thomas Stolper, chief currency strategist at Goldman Sachs Group Inc., said he will be leaving the firm by early March to set up a venture.
Stolper, 45, who joined Goldman in 1999 and became chief foreign-exchange strategist in 2009, said in a telephone interview that the enterprise will be foreign exchange related.
The London-based managing director said this week the dollar will disappoint analysts expecting a broad rally in the currency versus major peers as a tapering of Federal Reserve stimulus isn’t improving the U.S.’s interest-rate advantage. The U.S. currency was little changed at $1.3652 per euro at 12:24 p.m. in New York.
Stolper correctly predicted the greenback’s slide against the euro in 2013, and forecasts the U.S. currency will drop to $1.40 in six months. That compares with analysts’ median estimates for a rise to $1.31 by the end of June, and $1.30 by the end of the third quarter, according to Bloomberg surveys of economists.
“During his tenure at the firm, Thomas has developed many analytical tools that have become a reference point for institutional investing clients globally,” Dominic Wilson, chief markets economist, and Francesco Garzarelli, co-head of macro and markets research, said in an internal memo obtained by Bloomberg News. “He has also helped to elevate the profile of Global Markets Research and has served as a mentor to many of his colleagues.”
Michael DuVally, a spokesman for the New York-based bank, confirmed the memo’s contents and declined to comment further.
To contact the reporter on this story: Andrea Wong in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Dave Liedtka at email@example.com