), the likes of which the bank has not seen in some time. There has been several who have left the North American government bonds and derivatives trading desk over the past few months, as bonuses have plunged on smaller, less risky bets. Instead, salespeople at the prestigious New York-based investment bank have been getting rewarded with higher salaries and promotions. This is likely due to the Volcker Rule, as the bank is shifting towards client trading more and less towards prop trading. Prop trading involves making market bets with the firm's own money. "The client franchise is paramount," said Susquehanna Financial Group analyst David Hilder to Reuters. "You need sales people to deal with and talk to the clients. Over the long term, that's more important than a few guys trading bonds." Among those who have left are Brian Mooney, a 22 year veteran of the bank, Glenn Hadden, the former head of Goldman's U.S. Treasury bond trading desk, and at least nine others. Mooney left Goldman to join Bank of America (NYSE:

), as well as on the buy side. "Working for Goldman is no longer different than working for anybody else," said one former Goldman trader who left this year. "At the same time, if you have Goldman on your resume, that's still a premium. People are monetizing the Goldman premium now because two years from now you won't be able to." If Goldman is no longer "Goldman," then will it no longer be "Government Sachs?" It is too soon to tell whether the bank is really losing its prestige or if it is going through a dry spell. Either way, the Volcker Rule has had a larger effect on Wall Street than anyone expected. Even Lloyd Blankfein couldn't hedge his way out of this one. This sudden "brain drain" might be one glaring loss Goldman has to show on its balance sheet.