- Goldman Sachs has named technology banker Dan Dees to co-head its investment banking group.
- The promotion of Dees was widely expected as incoming CEO David Solomon starts to insert his own people at the top of the Wall Street bank.
- Dees will serve alongside Gregg Lemkau and Marc Nachmann.
Goldman Sachs is promoting a star technology banker to co-head its investment banking division as incoming CEO David Solomon continues to put his inner circle in key leadership positions.
Dan Dees will be based in San Francisco and serve alongside Gregg Lemkau in New York and Marc Nachmann in London to run one of the bank’s most lucrative groups, according to people familiar with the matter.
The move comes shortly after former banking co-head John Waldron was named to the president role, amid a bigger shakeup at Goldman’s helm that also saw chief financial officer Marty Chavez moved to a new role co-heading the bank’s trading division.
Dees is also being elevated at a time when Goldman’s investment bankers are rising at the firm relative to traders who dominated the top ranks under outgoing CEO Lloyd Blankfein.But since the aftermath of the financial crisis, revenue derived from providing clients with advice on mergers and capital raising have proven to be more stable than trading.
A spokesman for Goldman declined to comment. Bloomberg News reported the move earlier Wednesday.
Dees, 48, joined Goldman in 1992 and became partner in 2004. During his career he spent time in Hong Kong and Tokyo as head of the region’s financing group, and later investment banking in Asia. He returned to the US in early 2014 and was named global head of technology, media and telecom banking.
Under Dees, Goldman’s TMT group has tussled with Morgan Stanley as Silicon Valley’s go-to adviser. Dees is close to companies such as Tesla, Snapchat, Microsoft, and Square, and he helped lead Alibaba’s 2014 IPO which was then the world’s largest public offering.
In June, Pete Lyon was promoted to share his responsibilities, which some interpreted as a sign that Dees would soon be in line for a promotion. Lyon will now run the group on his own.
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