(Bloomberg) — Goldman Sachs Group Inc. promoted several key executives and combined teams in its banking and markets division to form a capital solutions group, which it said will bolster financing products it can offer clients.
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The group combines firepower from the bank’s financing group, financial-sponsors coverage in investment banking, and coverage of private equity firms from its fixed-income and equities trading group, according to a statement Monday.
Pete Lyon, global head of the financial institutions group and the financial and strategic investors group, and Mahesh Saireddy, global head of mortgages and structured products, will lead the new group and join the bank’s management committee.
“Our strategy and core franchise strengths position Goldman Sachs to operate at the fulcrum of one of the most important structural trends taking place in finance: the emergence and growth of private credit and other asset classes that can be privately deployed,” David Solomon, Goldman’s chairman and chief executive officer, said in the statement.
The move sharpens Goldman’s offering to clients as the landscape for financing becomes more competitive with the growth of private credit. It’s also a sign of the bank promoting executives as it wrestles with how to lift top talent to more prominent roles.
In addition to the promotions of Lyon and Saireddy, Vivek Bantwal, global head of the financing group, will move to asset and wealth management and partner with James Reynolds, global head of direct lending, to co-head global private credit.
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