GS COO of M&A Leaves for PWP
Seems like Troy Broderick, GS's newly appointed COO of M&A and Global Head of M&A Capital Markets, has left for PWP only 2 weeks after his promotion. Seeming that this closely follows GS's previous COO of M&A leaving as well as a trio of senior tech bankers exiting in March, there seems to be quite a bit of turnover among the senior ranks under DJSol. Anyone has more insight?
There's definitely discontent among the senior levels of GS with Solomon given he's decimated senior compensation and the partnership bonus pool, partly cauased by all the CB-related losses, and there's been a lot of headliner exits among the senior ranks (Sarsfield, Durhn, Gaurav, Daum, Chisholm, Ryan, Pomponi, Hutchinson, and now Broderick, among many more). There's probably some discontent among the seniors with Solomon's promotion of execs with flashy personal brands like Posnett as well.
On the other hand, kudos to PWP with selectively poaching strong seniors this year. First with Dunn, now with Broderick, and also with MS's Co-Head of DACH IB set to join the firm later in the year.
Real talk though why does Solomon still have the backing of the board given the strategic mistakes he's made and general discontent with him among the firm's seniors? Looking from the outside it seems like someone like Gnodde would be a much better candidate to lead GS.
Tbf Posnett's solid all around - good administrator, good manager, decent dealmaker, and she has the stamp of approval from a lot of power players (Lemkau, Dees, Solomon) as well.
Posnett is bad all around. I worked with her on a deal and the client hated her, thought she added no value, and didn't put in any work with the buyers she touted great connectivity with in the pitch, all of which was true. She also sits on a high horse and needs to get off. She only does internet deals and all those deals are effectively house accounts that come to GS because its GS, certainly not for her. Her ability to grind out a more niche sector of TMT would not exist. The only reason why she is where she is is thanks to GS' vomit inducing DEI. It's also the reason why there's been a big drop off in analyst talent there over the last 5 years - priorities have shifted away from getting the hungriest and smartest kids to filling seats with people that make the DEI slide in the Goldman Investor Day deck look good.
Interesting pick-up by PWP given that much of Broderick's deal activity is in TMT. PWP re-launching a US Media & Telecom practice?
Does anyone have insight on this? Thought the same thing.
Big W for PWP. They are making some good pickups for seniors. Hopefully firm can continue/scale.
Thank you, incoming analyst
Interesting that he left so early after his promotion.
Classic AN2 at a bank not open to buyside recruiting handing in his 2 weeks notice to start his PE role while his deal teams blow up vibes.
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