GS SSA syndicate changes after surprise exit
Goldman Sachs has tapped an internal banker to fill the gap left by former SSA syndicate head Lars Humble, whose unexpected departure took many in the market by surprise.
“When you think about Goldman Sachs SSA, you think about Lars. There are some big shoes to fill there,” said a banker away from the US bank.
Longtime Goldman banker Edward Markham is now handling the SSA business for syndicate. He has been at Goldman for more than a decade, according to his LinkedIn profile. He was made managing director in 2021.
Humble is not the only senior SSA banker that Goldman has lost in recent months. Head of sovereign, supranational and agency debt capital markets Maud Le Moine departed at the end of 2022. Dorothee Amar, another long-standing Goldman employee, has taken on her responsibilities.
In recent years Goldman has not been among the highest fliers when it comes to SSA league tables, but so far in 2023 the franchise has outshone otherwise middling historic performances.
Goldman is in the top five houses for agency and supranational euro benchmark volumes in 2023 – topping the IFR table for the latter with a 10.1% market share. It has not done so well in euro sovereigns, languishing in ninth place on 4.4%.
That performance in the euro supranational arena bucks the largely mid-single digit overall market share that has been Goldman’s lot each year in the euro and US dollar SSA market over the past decade, IFR numbers show.
Sterling, however, an often on-then-off space, has seen a more varied performances from the US bank. It reached a decade low in 2022, a tempestuous year for the sterling market as a whole, with a 0.4% share.
