December 3, 2023

DealBook: Goldman Names Co-Head of Investment Banking

Goldman Sachs has made another round of senior staffing changes in its investment banking division, according to internal memos obtained by DealBook.

Richard Gnodde has been named co-head of investment banking. He will remain co-chief executive of Goldman Sachs International.

Mr. Gnodde will run investment banking with John S. Weinberg and David Solomon, the current co-heads. In addition, Gordon E. Dyal, global head of merger and acquisitions, will become co-chair of investment banking. Christopher Cole was the sole chair of that division.

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London-based Yoel Zaoui, a top investment banker and head of the investment banking in Europe, becomes co-head of global merger and acquisitions. The other co-head is Gene Sykes.

Investment banking is a major profit engine at Goldman, producing $1.27 billion or 10 percent of Goldman’s net revenue in the first quarter. Monday’s staffing changes are aimed at putting more senior bankers in front of clients. Some of the people involved will see their managerial responsibilities reduced, according to a person familiar with the matter but who was not authorized to speak on the record.

“These important changes reflect the continued importance and growth of the firm’s global client franchise,” Lloyd C. Blankfein, the firm’s chief executive, and Gary D. Cohen, the firm’s president, said in a memo.

These aren’t the only changes Goldman has made to its banking franchise this year. The other changes involved the United States division. Today’s changes are focused on Goldman’s global operations.

In March, the firm announced that Michael Carr and Dusty Philip would be the new co-heads of mergers and acquisitions for the Americas.

The memo from Mr. Blankfein and Mr. Cohn:

We are pleased to announce two important changes in the Investment Banking Division. Richard J. Gnodde will join John S. Weinberg and David M. Solomon as co-head of Investment Banking. He remains co-chief executive officer of Goldman Sachs International. Gordon E. Dyal will join Christopher A. Cole as co-chairman of Investment Banking.

Richard is a member of the Management Committee, the Client and Business Standards Committee, the Public Policy Committee and the Steering Committee on Regulatory Reform. He served on the firm’s Partnership Committee from 1999 to 2004. Richard joined Goldman Sachs in London in 1987 in mergers and acquisitions. In 1997 he was appointed co-head of the firm’s Investment Banking Division in Japan and in 1999 became president of Goldman Sachs (Singapore) Pte. and co-head of Investment Banking in Asia. In that same year he moved to Hong Kong to become president of Goldman Sachs (Asia) LLC. In 2005, Richard returned to London as vice chairman and assumed his current role in 2006. He was named managing director in 1996 and partner in 1998.

Gordon is a member of the Management Committee. He joined Goldman Sachs as a partner in 1998. From 1999 to 2001, Gordon was the co-head of European Mergers Acquisitions. In 2001, he was named co-head of Investment Banking in Europe and became global head of MA in 2004.

These important changes reflect the continued importance and growth of the firm’s global client franchise and the contributions that both Richard and Gordon have made to the firm and the Investment Banking Division.

Please join us in wishing Richard and Gordon continued success in their new roles.

The memo from Mr. Gnodde, Mr. Solomon and Mr. Weinberg:

We are pleased to announce that Yoël Zaoui and Gene T. Sykes will serve as global co-heads of Mergers Acquisitions. Together with Timothy J. Ingrassia and Jack Levy, who serve as co-chairmen of MA, as well as other senior merger leadership, Yoël and Gene will lead this important client franchise business.

Yoël is a member of the Management Committee, European Management Committee and Investment Banking Operating Committee, and is co-chair of the Senior Diversity Council. Yoël joined Goldman Sachs in 1988 in Mergers Acquisitions in New York and moved to London in 1989. He was appointed co-head of European Mergers Acquisitions in 1999 and became head of European Investment Banking in 2004. Yoël was named managing director in 1997 and partner in 1998.

Gene was co-chairman of Global Mergers Acquisitions and is chairman of Global Technology, Media and Telecommunications Investment Banking. He is a member of the Client and Business Standards Committee. Gene joined the Mergers Acquisitions Department in New York in 1984 and moved to Los Angeles in 1987. He became a partner in 1992.

Together, Yoël and Gene bring international experience, strong sector knowledge and deep client relationships to the Mergers leadership team and position the firm to continue to provide seamless coverage to clients who increasingly operate as cross-border institutions, seeking advice and execution expertise in every region.

Please join us in wishing Yoël and Gene continued success in their roles.

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