A trio of top investment bankers at Goldman Sachs has been rewarded with management roles, after a year in which the firm stretched away from rivals across all regions.
In an internal memo on Monday the bank said that it had promoted Gregg Lemkau, Marc Nachmann and Jim Esposito to its management committee. Mr Lemkau currently serves as co-head of global M&A while Mr Nachmann and Mr Esposito are co-heads of the global financing group , writes Ben McLannahan, US banking editor.
All have played key roles in a resurgence of advisory work at the firm, which – like many across Wall Street – has suffered patchy performance from its core bond-trading division.
Goldman retained the number one ranking for financial advisory work this year, according to Thomson Reuters, gaining lead roles on 408 deals worth a total of $1.7tn – well ahead of Morgan Stanley’s 387 deals worth $1.5tn.
But unlike last year, when Goldman ceded the top spot in Asia to Morgan Stanley, 2015 was a clean sweep for Goldman across the US, Europe and Asia. In each region, Goldman added market share from the previous year.
33 people currently sit on Goldman’s management committee. The trio replace Christopher Cole, John Weinberg and Gordon Dyal, who are retiring, and Gene Sykes, who has relinquished management responsibilities to take an unpaid role spearheading Los Angeles’ bid for the 2024 summer Olympics.
Mr Sykes remains a partner at Goldman, but has stepped down from the position of co-chairman of the global technology, media and telecom group.
“Gregg, Marc and Jim play critical roles in supporting and growing our global client franchise and will bring valuable perspectives to the management committee,” wrote Lloyd Blankfein, chairman and chief executive, in a memo also signed by Gary Cohn, chief operating officer.
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