Orrick, Herrington & Sutcliffe has found one upside to the credit crunch: It’s suddenly able to hire Goldman Sachs bankers.

The firm announced Monday that Howard Altarescu, a vice president at Goldman, Sachs & Co. who led the bank’s mortgage finance group, had joined as a partner in its New York structured finance practice. The announcement came as it emerged that Goldman last week cut 10 percent of its investment banking staff, though Orrick says Altarescu was not one of them.

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