Folks,
Am sure we've all seen Goldman's talk about entering the middle-market deal space for a while now. And if you're like me, you would've gone "yeah right, sure that'll happen...".
Well. It now has (https://news.efinancialcareers.com/uk-en/3001919/…). Do any of you Monkeys think this will pan out as planned? Anyone still in disbelief that GS, of all BBs, has actually gone into the MM?
Discuss.
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Not surprising at all. From a business perspective, it makes a lot of sense. The average fee percentage is higher for the deals that don't make the front page of the WSJ. It could also serve as onboarding of new clients as you get to work with companies at an earlier stage, thus building longer-lasting relations.
Yep, agree the economic rationale was always there - However, the willingness to pursue clients outside their "elite" base requires crossing the much harder psychological hurdle, which was the surprising bit. Anyone else think other BB's will follow suit?
JPM and BAML have already been trying this for some time.
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