Goldman Nabs Pipeline Banker From Citi
September 18 2017 - 2:24PM
Dow Jones News
By Liz Hoffman
Goldman Sachs Group Inc. is hiring a top Citigroup Inc.
investment banker with ties to the oil-pipeline industry as it
looks to fill gaps in its network.
Michael Casey, an 18-year veteran of Citigroup, will join
Goldman's Houston office later this year as a managing director,
according to people familiar with the matter. A Citigroup spokesman
didn't immediately comment.
Goldman's investment-banking division aims to add $500 million
in revenue by 2020, about 7% of its current annual haul, according
to a firm presentation last week. That is a tough goal in
investment banking, a mature business where any growth will likely
come from stealing market share from rivals.
Goldman has recently put senior bankers in cities such as Dallas
and Atlanta to deepen ties to local firms, and is expanding its
coverage of middle-market private-equity firms, which are
constantly buying and selling businesses.
Another key goal is filling out industry groups where it is
weaker.
Goldman is strong at the two ends of the energy supply chain,
with ties to companies such as Chevron Corp. that drill for oil and
gas, and those that refine it into gasoline and other products.
It does less well in the so-called midstream space, where oil
and gas is shipped and stored. Pipelines cost billions of dollars
to build, which gives big lending banks an edge.
Citigroup has been No. 1 in midstream mergers and acquisitions
three of the past four years, according to Dealogic.
Mr. Casey's clients include Williams Co., which he advised on
its 2014 takeover of Access Midstream Partners.
Write to Liz Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
September 18, 2017 14:09 ET (18:09 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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