Goldman Moves Banker With Coveted Role to Lead Sales in Key Unit

Goldman Sachs Group Inc. is moving a banker with one of the most high-profile investment-banking roles at the firm into a critical sales job outside the dealmaking group.

(Bloomberg) — Goldman Sachs Group Inc. is moving a banker with one of the most high-profile investment-banking roles at the firm into a critical sales job outside the dealmaking group.

Matt Gibson, the global co-head of the technology, media and telecom group, is being plucked out of that seat to help spearhead sales for the business of investing assets for clients, according to people with knowledge of the matter. Chief Executive Officer David Solomon has identified the newly retooled Asset & Wealth Management unit as the key to help improve the stock’s desirability, especially after throwing in the towel on a broad consumer-banking effort.

Gibson’s shift comes amid elevated churn in the asset-management group, with the banker becoming the third executive tasked to drive sales in under a year. Installing a dealmaker into leadership roles across the firm has been the preferred antidote at Goldman to address problems in recent years.

A spokesperson for Goldman Sachs declined to comment.

Solomon has been vocal about reducing the capital-intensive investing in the asset-management group, which amounted to $59 billion of on-balance sheet alternative investments at the end of last year. But seeking to replace that with fee-generating client assets requires a turbo-charged effort because the bank’s principal investments have been largely responsible for driving big gains in that unit. It would take several years to replace that with the more predictable earnings from client assets where the bank can count on management and incentive fees to fill the void.

Gibson will team up with veteran asset-management executive Chris Kojima, the people said, asking not to be identified as the information has not been shared with staff. The bank reported overseeing about $263 billion in alternative investments and $1.6 trillion in equity and fixed-income assets, and another $711 billion in liquidity products last month.

A sales role like this would involve wooing large asset allocators like sovereign-wealth funds, pension funds and even retail distributors. Last week, Bloomberg reported the exit of Luke Sarsfield just months after the Goldman veteran was moved out of his role of running the asset-management group.

The TMT leadership spot is one of the most important roles at Wall Street’s top dealmaking shop. Dan Dees, the current co-head of the bank’s giant banking & markets group, had previously held that position and Gibson’s exit could pave the way to elevate another banker alongside current co-head Sam Britton.

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