Goldman merging retail and health-care investment banking teams


"We are seeing convergence between sub-sectors," write Goldman Sachs (GS) co-heads of investment banking Richard Gnodde, David Solomon, and John Weinberg in a memo announcing the change.

The move comes amid a boom in deals this year, particularly in the pharmaceutical sector. Goldman is top-ranked in health care this year - the sector this quarter has seen $200B in deals announced, the most ever, says Bloomberg.

Leading the new group will be co-heads of the retail team Kathy Elsesser and Francois-Xavier de Mallmann, along with health care chief Marshall Smith.

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