HONGKONG Goldman Sachs (GS.N) has hired Ian M. Smith from Citigroup (C.N) as head of GS Electronic Trading in Asia-Pacific, according to an internal memo seen by Reuters on Wednesday.
Smith joins Goldman as a managing director and will be responsible for improving the firm's electronic trading offering in the region.
Investors globally increasingly prefer to trade shares online, rather than over the telephone. Banks are investing in technology to try and capture more market share as revenues from traditional broking tumble.
A Goldman Sachs spokeswoman confirmed the contents of the memo.
(Reporting by Lawrence White; Editing by Clarence Fernandez)
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