A Goldman Sachs Group Inc. banker quit his post just two weeks after landing a plum position in the firm’s prized merger advisory unit.
(Bloomberg) — A Goldman Sachs Group Inc. banker quit his post just two weeks after landing a plum position in the firm’s prized merger advisory unit.
Troy Broderick, who was named chief operating officer of the financial giant’s M&A business earlier this month, is leaving for boutique investment bank Perella Weinberg Partners, according to people with knowledge of the matter, who asked not to be identified because the move hadn’t been publicly announced. The exit follows that of Russ Hutchinson, who got the same role at Goldman Sachs in November, only to depart five months later.
Broderick, a managing director at the bank, and representatives for Goldman Sachs and Perella Weinberg declined to comment.
Both Broderick and Hutchinson are successful Black executives in the world of high finance, which is wrestling with diversifying its top ranks. Their exits highlight the competitive environment for top senior-level talent, particularly among women and people of color who remain under-represented across the industry. Hutchinson is set to be the next chief financial officer of Ally Financial Inc.
The paucity of Black employees in its senior rungs was a sore spot for Goldman Sachs last year, when just a handful of departures cut its rank of Black partners nearly in half. In November, the bank inducted seven Black employees into its partnership, the most added in one batch, representing about 9% of the total class.
Broderick’s move is another sign that boutique firms are still on the hunt for top dealmakers despite job cuts in an industry weathering a slump in mergers and stock offerings. Evercore Inc. hired a pair of senior Goldman Sachs bankers in recent months, while Qatalyst Partners poached a technology-focused investment banker who had just reached Goldman Sachs’s top rung.
Broderick, who joined Goldman Sachs in 2010, was on teams that advised on jumbo deals like the $71 billion sale of 21st Century Fox to Walt Disney Co. and AT&T Inc.’s $43 billion WarnerMedia deal with Discovery Inc.
Perella Weinberg ranked 14th on completed mergers and acquisitions last year, a period when the volume of such deals dropped 44%, according to data compiled by Bloomberg. Goldman Sachs topped the ranking.
The M&A business at Goldman is run by Stephan Feldgoise and Mark Sorrell, the son of advertising tycoon Martin Sorrell.
(Adds adviser rankings in the penultimate paragraph.)
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