Goldman Sachs has promoted two long-serving dealmakers to head up its investment banking unit in Europe, the latest changes at the top of a Wall Street bank in London as they compete for top spot in the region.
The bank has named Anthony Gutman and Gonzalo García as co-heads of its investment banking division in Europe, the Middle East and Africa, according to an internal memo on 15 September seen by Financial News.
It is a newly-created position and follows the departure of Marc Nachmann, Goldman’s former co-global co-head of investment banking, who relocated from London to New York to co-head its securities unit in September last year.
García, a 21-year Goldman veteran, is currently co-head of Latin America, co-head of global natural resources and head of its investment banking division for Latin America.
Meanwhile, Gutman, who has been a partner at the bank since 2012, is global co-head of investment banking services and co-head of UK investment banking.
“Gonzalo and Anthony will work closely with us and Wolfgang Fink, chief executive officer of Goldman Sachs Bank Europe, and the various country, industry and product heads in Emea to advance our leading client franchise, expand our client footprint, promote cross-divisional cooperation and drive our continued success across the region,” the memo from Gregg Lemkau and Dan Dees, co-heads of Goldman’s investment banking division, said.
The changes at the top at Goldman come as Wall Street banks have reshaped the leadership of their investment banks over the past year in an increasingly competitive European market.
In February, JPMorgan promoted swathes of dealmakers as part of an overhaul of its investment bank, naming new leaders in Europe and a group of senior rainmakers in vice chair positions to bring in big transactions from important clients.
Daniel Pinto, who runs JPMorgan’s investment bank, told Financial News in January that the lender would not be able to increase its share of global fees — currently around 9% — forever.
He said: “There are more banks on M&A, equity and debt deals than previously, so I don’t know if 9% is the maximum you can have, or if it’s 10%, but growth gets harder from here.”
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