Goldman Sachs has lost over a dozen senior investment bankers this year amid internal changes and a slow start to 2025, reported Reuters, citing three sources.
This exodus, reportedly higher than usual, follows leadership reshuffles and a pause in dealmaking activities.
Some bankers left due to potential setbacks in career progress, particularly with impending promotions, while others were driven by expectations of diminished bonuses.
The slowdown in dealmaking during the first half of the year has been a contributing factor.
The departing bankers have reportedly moved to competitors such as JPMorgan Chase, Wells Fargo, and Citigroup, with some joining boutique firms like Evercore.
Despite these exits, Goldman Sachs reportedly maintains its position in Wall Street’s mergers and acquisitions rankings. Its fee volumes have returned to levels similar to those in 2021.
Also, its investment banking net revenue for the first nine months has reached its highest point since the same year, said the publication, citing Dealogic data.
Meanwhile, Goldman plans to announce a new cohort of partners in 2026, following the appointment of 95 new partners in 2024, which included 26 women. These appointments became effective this year.
This year, the bank appointed co-heads for its major divisions and added six members to its management committee. A new financing division was also established.
Furthermore, the company advanced its annual staffing reductions to the second quarter, reducing headcount by 2% to 45,900 employees.
In a separate development, Goldman Sachs has agreed to acquire Industry Ventures, a venture capital platform that manages $7bn in assets under supervision (AUS).
Industry Ventures will integrate into Goldman Sachs’ External Investing Group, which manages over $450bn in AUS across traditional and alternative strategies.
This acquisition aims to enhance Goldman Sachs’ offerings to technology entrepreneurs and diversify its $540bn alternatives investment platform.
All 45 employees of Industry Ventures, including key executives, will join Goldman Sachs Asset Management.
The transaction, valued at $665m with potential additional payments up to $300m based on performance, is expected to close in the first quarter of 2026, pending regulatory approval.
Commenting on the deal, Goldman Sachs chairman and CEO David Solomon said: “Industry Ventures pioneered venture secondary investing and early-stage hybrid funds, areas that are rapidly expanding as companies stay private longer and investors seek new forms of liquidity.
“Industry Ventures’ trusted relationships and venture capital expertise complement our existing investing franchises and expand opportunities for clients to access the fastest growing companies and sectors in the world.”
Last month, Goldman Sachs disclosed plans to acquire a stake of up to 3.5% in T. Rowe Price, through open-market purchases of common stock worth up to $1bn.
