Goldman Sachs Group Inc (GS.N), a multinational investment banking firm, has decided to merge their leveraged and structured finance groups in America as the co –head of leveraged finance firm, named Craig Packer bids adieu.
The leading firm offers an extensive range of financial services to a diversified and substantial client base that includes financial institutions, corporations, governments and high-net-worth individuals.
The company holds a reputation of engaging in productive global investment banking, security and investment management services in addition to the institutional clients, and with the new initiative, it seems to be striving toward achieving the motive, furthermore.
Founded in 1869, Goldman Sachs provides several other financial services as well, including mergers and acquisition advices, underwriting services, asset management services, prime brokerage to their clients.
Headquartered at 200 West Street in the Lower Manhattan area of New York City, the company’s clients primarily include corporations, institutionalized individuals and sometimes even government bodies. The firm also further engages in market making and other private equity deals. They are also known to the world as a primary dealer of America’s treasury security market.
The new credit finance group will be led by the former co –head of leveraged finance in the America’s Christina Minnis. She is reported to be leading the new establishment along with the head of structured finance in America, Vivek Bantwal, who has run structured finance since 2015.
One of the spokesmen from Goldman Sachs confirmed the contents of the memos.
Thomson Reuters data says that the moves arise right after Goldman Sachs decided to build up its debt underwriting capabilities. The firm had obtained the 6th rank in 2015 for U.S. bond underwriting, behind banks with larger balance sheets such as JPMorgan Chase & Co (JPM.N) and Citigroup Inc (C.N).
After being hit hard by the 2008 economic crisis, Goldman Sachs has been constantly coming up with ways to avoid such an incident from occurring ever again. Although their involvement with subprime mortgages was majorly the reason why they were impacted in such a negative manner, their policies have been well – structured and designed with deep thought ever since. They were hit so hard that the U.S. government had to bail them out as a part of their rescue. They certainly don’t want to face such a situation ever again.
Moreover, they are in constant connection with the governmental bodies too. For instance, there are numerous former Goldman executives that have moved on to government positions after their term of service at Goldman Sachs. Some of them include Robert Rubin and Henry Paulson, who have served as United States Secretary of the Treasury under Presidents, Bill Clinton and George W. Bush, respectively.
Their four major aspects of focus in the years to come have been: investment banking, institutional client services, investing and lending and investment management, as per what is mentioned on their website. Over the years, they have raised an enormous amount of revenue.