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From Goldman Sachs' (NYSE:GS) fiscal Q4 2006 earnings call earlier today:

David Viniar - CFO

Equally important, we continue to focus on leveraging our Investment Banking franchise across all of our businesses. The strength and depth of our global Investment Banking client relationships give us a competitive advantage in virtually all of our businesses, and we are already seeing those benefits today. Without our Investment Banking relationships we could not have in invested in SMFG and ICBC nor could we have identified a significant number of successful investments made by our merchant banking area; nor could we have established our unique position to operate domestically in China, which is arguably the most important strategic opportunity we have today.

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  • Source: Goldman Sachs Discusses China Opportunity