New York: Goldman Sachs Group Inc. promoted a new generation of leaders for its investment banking division—the world’s top merger adviser and the firm’s second-biggest source of profit.
The bank named Gregg Lemkau and Marc Nachmann co-heads of the business, joining John Waldron, in the company’s biggest shakeup since then-president Gary Cohn left to join the Donald Trump administration late last year. The trio will oversee operations that generated $6.27 billion in revenue in 2016. Richard Gnodde, a vice chairman who had run the unit with Waldron from London, will relinquish the role to focus on the international business, according to a memo to staff on Monday.
Lemkau, a mergers-and-acquisitions banker, and Nachmann, who heads debt and equity underwriting, are the latest to benefit from a series of promotions set off by Cohn’s exit. David Solomon, who ran the investment-banking division with Waldron and Gnodde, was named one of two executives to replace Cohn. Harvey Schwartz, the chief financial officer at the time, was the other.
“Gregg and Marc have worked closely with many of our clients around the world on their most significant transactions,” chief executive officer Lloyd Blankfein, Solomon and Schwartz wrote in the memo. “Their deep and expansive understanding of industries and markets has helped further establish and define our global franchise as a leading adviser and financier.”
The Wall Street Journal reported the promotions earlier on Monday.
In December 2015, Blankfein named Lemkau and Nachmann to the firm’s management committee, its top leadership group and an appointment that typically denotes increasing influence within the firm. Nachmann will work out of London in his new role.
Lemkau became co-head of M&A in 2013, while Nachmann was named to head global financing in 2014 after helping to run the global natural resources investment-banking group. Lemkau became a partner in 2002, and Nachmann followed two years later.
In a series of related moves, Pete Lyon and Susie Scher were named to run the Americas financing group, according to a second memo. Lyon, most recently was co-head of equity capital markets in the Americas, and Scher, who was head of investment-grade capital markets in the Americas as well as the risk-management group, will focus on integrating and expanding the businesses, the memo said. Both became partners in 2006.
Christina Minnis, co-head of the credit-finance group in the Americas, will add global oversight of the acquisition-finance business, according to the second memo. David Ludwig, who ran equity capital markets with Lyon, will manage that business alone. Bloomberg