Mr Sorrell, 47, son of former WPP boss Martin Sorrell, currently heads the bank’s M&A activities for Europe, Middle East and Africa; while Mr. Feldgoise is in charge of M&A for the Americas. Mr. Sorrell will also sit on the executive committee of the Wall Street giant’s investment banking division. Mr. Feldgoise, 49, is already on the commission.
The changes in its top ranks come as Goldman comfortably leads the way as the highest fee recipient for global mergers and acquisitions this year, according to data provider Refinitiv. Investment banks around the world face the challenge of trying to virtually woo new clients while advising existing clients on a host of challenges posed by the coronavirus crisis.
Negotiators are also affected by lower fees as the pandemic cripples activity. Goldman’s financial advisory fees, which include mergers and acquisitions, were down 11 percent year-over-year in the second quarter.
Goldman’s investment banking co-directors Gregg Lemkau and Dan Dees announced Monday the promotion of MM. Sorrell and Feldgoise in an internal note. It followed the appointment last week of Anthony Gutman and Gonzalo Garcia as co-heads of investment banking for Europe, Middle East and Africa. Meanwhile, as part of the reshuffle, Kim Posnett was named the first female co-head of its global investment banking unit.
The nominations illustrate how Goldman’s top ranks are still dominated by men despite a push for diversity.
The previous heads of global mergers and acquisitions – Michael Carr, Dusty Philip and Gilberto Pozzi – will become the “co-chairs” of global mergers and acquisitions, which “will give them a broader and deeper reach with clients, allowing them to provide critical advisory work and drive execution. on major merger and acquisition transactions ”, declared MM. Dees and Lemkau.
A Cambridge graduate, Mr. Sorrell has been with the bank since 1994, working in New York and London. He became Managing Director in 2005 and in 2010 joined the partnership group of approximately 400 executives who run Goldman. Mr. Feldgoise has been with the group since 1997, he became Managing Director in 2005 and partner in 2008.
Mr. Sorrell’s two younger brothers – Robert Sorrell and Jonathan Sorrell – also worked for Goldman. Jonathan left in 2011 to join hedge fund Man Group, where he became chairman before moving to hedge fund Capstone last year. Robert left Goldman in 2010 to start his own hedge fund, and now works for consultancy firm Moelis.