- The provided source URL did not yield accessible article content, so the summary reflects broader 2024–2025 investment-banking trend analysis instead.
- Major banks are seeing notable senior-banker turnover and leadership reshuffles, raising client-coverage and execution risks while creating hiring opportunities for rivals.
- Firms are reallocating sector focus toward AI, digital infrastructure, and TMT reorganizations to align coverage with where deal flow is growing.
- U.S. bulge-bracket banks are expanding Managing Director ranks faster than European peers, underscoring a competitive push to scale talent in growth sectors despite cost and cycle uncertainty.
Read More
Upon reviewing the provided primary source URL and associated HTML, no valid or intelligible content could be retrieved. It appears to be a malformed or placeholder feed item without accompanying text. As such, meaningful facts, quotes, or data points from that specific primary source could not be extracted. To compensate, I collected a set of recent, authoritative sources relevant to investment banking trends and structural shifts, and analyzed across firms for emergent patterns, strategic implications, and outstanding risks.
Senior Bench Movement and Talent Drain: Goldman Sachs has seen an unusually high number of senior banker departures in 2025, driven by internal reorganizations and dealmaking slowdowns. There is a risk that key client relationships and deal execution capacity could erode with this turnover. For rival banks, this presents hiring opportunities.
Leadership Reshuffles: Bank of America recently elevated Faiz Ahmad and Mike Joo to co-heads of global investment banking. Such moves indicate increasing prominence of leadership agility and structures allowing for stronger client coverage, global reach, and cross-division alignment toward high opportunity markets.
Sector Strategy Shifts: Goldman Sachs is reconfiguring its TMT group to emphasize digital infrastructure and AI, merging telecom with “CoreTech” under a new Global Infrastructure Technology team, and forming a separate Global Internet & Media vertical. This reflects deal flow trending toward infrastructure and AI, and addresses clients’ growing needs for advisory in those domains.
Managing Director (MD) Hiring Patterns: U.S. bulge bracket banks (Goldman Sachs, JPMorgan, Morgan Stanley, Citi, Bank of America) added more MDs in the analyzed period than all other banks combined. Firms are selectively adding senior talent, often through lateral hires, particularly in revenue-generating functions. European banks are lagging, or are being outpaced by U.S. boutiques.
Strategic Implications: Firms are under pressure to: 1) maintain momentum in high-growth sectors (AI, infrastructure, CoreTech); 2) manage client relationships amid senior exit churn; 3) build leadership models facilitating global and cross-sector coverage; 4) deploy talent proactively—through lateral recruiting and internal promotion; 5) navigate macro-regulatory and economic headwinds.
Open Questions: • Will global deal volumes keep rising, or plateau given macroeconomic uncertainty?
• Can firms preserve institutional knowledge and execution capacity while replacing senior bankers?
• How will regulation (domestic and international, e.g. in AI, infrastructure, digital markets) affect investment banking capture of these high growth verticals?
• Are boutiques or specialized players going to disrupt bulge-bracket domination in AI / infrastructure advisory?
• What is the role of cost discipline as firms balance investment in talent and new sectors versus margin pressures?
Supporting Notes
- Goldman Sachs has lost more than a dozen senior investment bankers in 2025 following internal leadership reconfigurations and a weak start to the year in dealmaking.
- Bank of America promoted Faiz Ahmad and Mike Joo to co-heads of global investment banking on August 20, 2025; outgoing heads Alex Bettamio and Thomas Sheehan became chairs focused on client relationships.
- Goldman Sachs restructured its TMT investment banking group in December 2025, combining telecom and CoreTech to form a Global Infrastructure Technology sector co-headed by Yasmine Coupal and Jason Tofsky; a separate Global Internet & Media group was co-headed by Brandon Watkins and Alekhya Uppalapati. Kyle Jessen took on infrastructure technology M&A while keeping semiconductor coverage.
- In the period “early 2024 to September 2025”, U.S. bulge bracket banks added more Managing Directors than all other global banks combined. Citi was especially active under its new head of investment banking, Vis Raghavan.
- Bank of America’s global investment banking fees declined by 9% to $1.4 billion in Q2 2025 while market share slipped slightly in equity capital markets but increased in debt capital markets and loans.
- Goldman, despite senior exits and flat deal count, continues to lead in global M&A and fee volumes approaching historic highs (near 2021 levels).