According to Bloomberg, Goldman Sachs Group is doubling its Israel employees as part of a restoration effort and a growth push.
Noting that Goldman Sachs was the lead adviser on a record number of Israeli initial public offerings in the United States in 2021, “Bloomberg” reported that the Wall Street firm intends to double its Israel staff to around 30, adding five investment banking employees and expanding its asset management and private wealth teams in Tel Aviv.
Since the recent diplomatic breakthrough that established ties between Israel and four Muslim-majority countries, including the United Arab Emirates, Goldman Sachs has worked to increase business for Israeli companies in the Gulf and touts the prospect of investments by the region’s wealth funds, according to Jonathan Penkin, Goldman’s new head of investment banking in Israel.
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Along with its growth into Israel, “Bloomberg” says that Goldman Sachs is dealing with the recent departures of Sarel Eldor and Danny Akerman, two senior bankers who resigned to form their own investment firm.
“In some ways, we’re reconstructing a portion of our business here following the departures of key colleagues,” Penkin told “Bloomberg.”
Goldman Sachs, which retained its global leadership position in dealmaking in 2021, saw its revenue in Israel increase to its highest level ever, not just in investment banking but also in asset management, Penkin said.
“The level of activity at the time is out of this world,” Penkin concluded.