A senior Goldman Sachs fintech banker was about to join JPMorgan - but then got lured back -and it's another sign of the fierce battle for M&A talent
- Jeff Gido, a partner at Goldman Sachs and the head of the investment bank's global fintech team, nearly decamped to rival JPMorgan in the last several months.
- Goldman, however, managed to lure Gido back.
- Investment banks are keen to keep top banking talent, as M&A volumes have swelled this year to the highest level ever.
Jeff Gido, a partner at Goldman Sachs and the head of the bank's financial technology group, was set to leave the bank after 17 years and join rival JPMorgan.
That is, until Goldman countered with what's known as a bid-back, according to people familiar with the matter. Gido is now staying put at Goldman. He joined Goldman in 2001, according to FINRA records, and became partner in 2014.
He's helped the firm advise on fintech deals this year including IHS Markit's $1.9 billion acquisition of data firm Ipreo, and exchange operator CME Group's acquisition of Britain's NEX for $5.5 billion.
Goldman's moves illustrate the extent to which Wall Street banks are intent on hanging onto star dealmakers, as M&A volumes swell to record levels.
Earlier this year, Goldman stopped the departure of technology banker Tammy Kiely, who was supposed to leave for Morgan Stanley. Kiely later got a promotion.
And JPMorgan promoted financial sponsors banker Mahir Zaimoglu in the last couple of months in a move that ended his talks for a role at Goldman, Business Insider previously reported.
The war for talent between Goldman and JPMorgan has been particularly fierce this year. Senior tech banker Kurt Simon left JPMorgan over the summer for a vice chairman role at Goldman, as did industrials banker Chris Gallea earlier in the year.
Goldman also nabbed JPMorgan healthcare managing director Benjamin Wallace, viewed by many as a rising star at the firm.
Global M&A activity totaled $3.3 trillion in the first nine months of the year, which is up 37%, according to Refinitiv, which is the former Thomson Reuters Financial & Risk business.
Goldman ranks fourth in the global investment banking league tables for advising on financial technology deals so far this year, behind JPMorgan, Citi and Morgan Stanley, as measured by deal value, according to Dealogic. However, it's advised on more fin tech deals than any other bank this year.
Get the latest Goldman Sachs stock price here.
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