Goldman Sachs loses senior bankers amid leadership shake-ups and deal slowdown
Goldman Sachs has seen the departure of more than a dozen senior investment bankers this year as leadership reshuffles and a sluggish dealmaking environment push top talent toward rival firms.
According to sources familiar with the matter, some executives left after expecting to be passed over for promotions, including entry into Goldman’s elite partner class, while others anticipated lower bonuses following a weak first half for dealmaking in 2025, News.Az reports, citing Reuters.
Despite the wave of exits, Goldman Sachs continues to lead Wall Street’s mergers and acquisitions rankings, with fee volumes nearing 2021 highs. Data from Dealogic shows the firm’s investment banking revenue for the first nine months of 2025 hit its highest level since 2021.
Several departing bankers have joined competitors such as JPMorgan Chase, Wells Fargo, and Citigroup, while others moved to boutique firms including Evercore.
“Goldman Sachs succeeds because of our exceptional teams and the strength of our franchise,” a company spokesperson said, emphasizing that the firm remains focused on client and shareholder service.
The bank is expected to announce its next round of partners in 2026. In its last promotion cycle, 95 new partners were named — 26 of them women.
Goldman has advised on several high-profile transactions this year, including Electronic Arts’ $55 billion sale to a consortium involving Saudi Arabia’s Public Investment Fund and Holcim’s $26 billion North American spinoff, Amrize.
Industry-wide, megadeals surged 40% year-on-year in the third quarter to reach $1.26 trillion in global M&A volume. However, the total number of deals — 8,912 — dropped 16% from last year, marking the weakest third quarter in two decades, according to Dealogic.
Goldman Sachs has restructured its leadership, appointing co-heads across major divisions and adding six new members to its management committee. The firm also created a new financing division and accelerated its annual staff reductions, typically cutting 3–5% of employees based on performance.
As of the second quarter, Goldman’s headcount fell 2% to 45,900 employees, company filings show.
Despite the internal changes, analysts remain optimistic about the bank’s long-term outlook.
“Goldman Sachs is well prepared to take advantage of the tailwinds in M&A given its strong franchise and banking capabilities,” said Macrae Sykes, portfolio manager at Gabelli Funds. “Headcount may fluctuate, but the firm’s productivity and culture remain intact.”
Goldman’s stock has risen nearly 38% in 2025, outperforming the S&P 500 Financials Index, which gained 11% over the same period.
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