Bloomberg News reports that Kathy Elsesser and Francois-Xavier de Mallmann, co-heads of the retail team, will lead the new group with Marshall Smith, who runs the health-care unit, according to an internal memo obtained today by Bloomberg News.
Wall Street firms have been seeking to boost efficiency as lower trading revenue and new capital rules damp returns. The combined group would be among the bank’s largest by total investment-banking fees, trailing financial institutions and financial sponsors, according to data from New York research firm Freeman & Co. covering the past three years.
The change will allow bankers to 'be deployed more widely across a broader client base', Goldman Sachs’s co-heads of investment banking, Richard J. Gnodde, David Solomon and John S. Weinberg, wrote in the memo. 'We see growing convergence between sub sectors'.
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