Leaving on a jet plane.
Bloomberg News reports that Goldman Sachs investment bankers may be coming to an airport near you.
Dealmakers at Wall Street’s top-ranked merger firm are fanning out across the U.S. and Western Europe as part of a new plan to drum up additional business. They’re targeting smaller companies, many in America’s hinterlands, ingratiating themselves to a tier of clients often neglected by Wall Street’s white-shoe advisers.
It’s an unlikely growth strategy for a firm that’s long dominated mergers and acquisitions banking, often by advising Fortune 500 companies such as Amazon.com on its purchase of Whole Foods Market Inc. Chief Executive Officer Lloyd Blankfein has asked the investment bank to kick in 10% of a $5 billion growth plan despite its leading market share.
Led by 48-year-old John Waldron, who runs the division with Gregg Lemkau and Marc Nachmann, managers embarked on their most comprehensive review of clientele since the financial crisis. What they found was a lot of white space, neglected industry areas and customers worthy of renewed attention.