NEW YORK, Oct 13 (Reuters): Goldman Sachs has lost more than a dozen senior investment bankers this year, a higher number than normal, after internal shakeups and a sluggish start to 2025 drove them to seek new opportunities, according to three sources familiar with the situation.
Some bankers left because they expected to be passed over for promotions this year, including to Goldman's elite partner class, while others exited because they expected meager bonuses after dealmaking stalled in the first half, according to two of the sources familiar with the situation who declined to be identified discussing personnel matters.
The scale of departures is being reported by Reuters for the first time.
Despite the departures, Goldman still tops Wall Street's league tables for mergers and acquisitions, and its fee volumes have also surged close to levels in 2021. Its broader investment banking net revenue in the nine months of the year rose to the highest since 2021, according to data from Dealogic.
The bankers who departed this year joined rivals including JPMorgan Chase, Wells Fargo and Citigroup, while others joined boutiques like Evercore.
"We always look to run our firm in service of our clients and shareholders," a bank spokesperson said in a statement. "Goldman Sachs succeeds because of our exceptional teams and strength of our franchise."
The bank will elevate new partners in 2026. In 2024, it appointed 95 new partners, including 26 women.
It advised Electronic Arts on its $55 billion sale to a consortium of private equity firms and Saudi Arabia's Public Investment Fund this year, and also advised Holcim on the spinoff of its North American business Amrize, now valued at $26 billion.
"There have been fewer deals overall, but larger in size, requiring less headcount," said Stephen Biggar, a banking analyst at Argus Research.
Megadeals across the industry jumped to $1.26 trillion in global mergers and acquisitions during the third quarter, up 40 per cent year over year, according to Dealogic data. But 8,912 deals were signed, down 16 per cent from last year, the worst third-quarter for deal volume in 20 years, according to the data.
The surge in investment banking has also boosted Goldman's shares, which are up nearly 38 per cent this year, outperforming the S&P Financial index's 11 per cent rise.
