Goldman Sachs is discreetly building up its securitisation team but will not raid the old firm of its new co-head of the business line, according to sources in the structured finance sector.

Goldman hired Bill Young, head of European securitisation at Citigroup, to run its own business with co-head Mark Hogan, prompting speculation that the firm would pillage Citigroup's much larger securitisation team. This was strongly denied by spokespeople at Goldman Sachs.