Goldman Sachs has made some big changes to one of its top teams

Goldman Sachs has made some major changes to its equity capital markets team.

The firm is promoting Pete Lyon and David Ludwig to coheads of that team in the Americas, according to an internal memo seen by Business Insider and confirmed by a spokesperson.

John Daly, who had been head of equity capital markets, or ECM, in the Americas, will become chairman of global ECM, according to a separate memo.

ECM bankers raise equity capital for companies for initial public offerings, private placements, and other deals.

Goldman Sachs ranked sixth in US equity capital markets activity in 2015, working on $21.6 billion in activity.

Ludwig had been responsible for tech, media, and telecom sectors within ECM until now. He will relocate to San Francisco for the new role. He joined Goldman in 1997 and made partner in 2010.

Lyon had been serving as cohead of investment banking services in the Americas. He joined the firm in 1990 and made partner in 2006. He spent time in Dubai from 2008-2010.

Daly was previously head of the natural resources and industrials financing group. He joined Goldman Sachs in 1989 and made partner in 2000.

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