Goldman Realigns Banking and Markets Divisions to Form Mega-Deals Team
The Wall Street firm said parts of its investment banking and markets divisions will be combined to form a team focused on mega-deals.

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Goldman Sachs CEO David Solomon gave up his DJ gig in 2023, citing the media ‘distraction,’ but we know he’s still rocking somewhere. He also managed to put out an office remix Monday.
The Wall Street firm said parts of its investment banking and markets divisions will be combined to form a team focused on mega-deals and loans to corporate clients. Its ultimate goal: nabbing a bigger share of the booming private credit market, which would be music to shareholders’ ears.
Private Dancer
The global private credit market, now in excess of $2.1 trillion, has outpaced the growth of other asset classes, including the white hot stock market, according to the IMF. Traditionally, the term refers to loans made by non-bank lenders like asset managers, often for deals with riskier propositions like buyouts financed with debt.
Banks, however, have found ways to get a foot in the door, some by striking partnerships with private credit lenders: Citigroup and BNP Paribas both teamed with Apollo Global last year. Goldman, for its part, has an existing private credit operation under its asset management division.
The firm’s new unit, dubbed the Capital Solutions Group, couples pieces of its fixed income, currency, and commodities and equities businesses with parts of its financing group and investment banking unit. CSG will focus on private credit, mega deals, corporate loans, asset-backed lending and other alternative financing.
The announcement comes two days before the bank is set to help kick off a banner earnings week, which analysts expect to highlight a burst of dealmaking that fueled traditional investment banking revenue:
- Goldman will report its latest earnings on Wednesday, along with Citigroup, JPMorgan Chase and Wells Fargo; Bank of America and Morgan Stanley will follow on Thursday. Dealogic figures show analysts expect revenue from investment banking fees climbed 26% in the fourth quarter.
- With stock markets posting lucrative gains in 2024, banks are expected to produce $225 billion in trading revenue for the year, according to capital markets analytics firm Coalition Greenwich. The big six are expected to report $31 billion in profits in the last three months of 2021, up 16% from the same period last year, according to Bloomberg data.
I’ll Second That: Allianz Global Investors, the investment management subsidiary of (you guessed it) Germany-based financial services giant Allianz, said Monday that it raised $1.5 billion, roughly half a billion more than its initial target, to buy private credit stakes on the secondary market. The fund competes with Apollo, which also buys on the secondary market, where buyers can get discounted positions from institutional investors.