Goldman Sachs ex-ECM bankers are finding bigger jobs elsewhere
Goldman Sachs' equity capital markets bankers haven't been having a happy time. First, their revenues fell off a cliff in 2022. Then many of them lost their jobs. Then the first quarter of 2023 was blighted by what the firm described as 'a decline in industry-wide volumes,' although this was more notable in M&A and DCM.
But there is good news too.
Goldman's ex-ECM bankers are turning up in new jobs elsewhere.
Take Joseph John Passaro Junior. After a mere 18 months at Goldman Sachs in New York, Passaro has surfaced at RBC Capital Markets as an MD and head of US ECM syndicate also in NYC.
It's understood that Passaro was among those cut by Goldman at the end of last year, although he didn't respond to a request to comment on that. This time last year, RBC said the war for talent was raging and that it was on an aggressive hiring spree. Last week, though, it cut 'more than a dozen' people in New York in an effort to save money.
Some of those were less equivocally cut from Goldman's ECM business have also been resurfacing, though. Financial News reports that Lyle Schwartz, who spent 22 years at Goldman, latterly as head of alternative capital markets, has reappeared as head of all EMEA ECM at Evercore.
The implication is that a spell at Goldman Sachs, even if brief, can be a ticket to a step-up in a subsequent role somewhere else. This might make being let go worth it.
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