Goldman Sachs Hires from Rivals to Expand in Mid-Market Deals

82

Goldman Sachs has announced the hiring of two investment bankers from rival firms to bolster its efforts in advising on smaller deals worth up to $2 billion. The Wall Street giant has recruited Kerry Burke from Evercore and Eddie Rubin from Lazard. Burke, who specialized in the retail and apparel sectors at Evercore, will join Goldman in August, while Rubin, an expert in digital infrastructure deals, started at the bank in April.

Historically known for its advisory work on large-scale transactions, Goldman Sachs has been actively seeking to expand its presence in the middle-market transaction space to diversify and enhance its revenue streams. This strategic shift led to the establishment of the Cross Markets Group (CMG) in 2019, with veteran banker David Friedland at the helm.

Friedland, a partner at Goldman, emphasized the entrepreneurial appeal of middle-market deals, noting that they often involve family-owned businesses, founder-run enterprises, sponsor portfolio companies, and rapidly growing firms. “Our people who are doing middle-market deals are excited about the entrepreneurial aspect of the business,” Friedland said. “This is all highly attractive business for GS.”

Goldman Sachs’ expansion into the middle market reflects a broader industry trend where major investment banks seek to capture a larger share of advisory fees from smaller, yet highly lucrative, transactions.