Goldman Sachs Hires Top Bank of America Bankers to Bolster India Investment Banking

Goldman Sachs bolsters India presence, hires top BofA bankers to lead financing and M&A teams, as it eyes growing dealmaking and investor interest in the fast-growing Indian economy.

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Rafia Tasleem
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Goldman Sachs Hires Top Bank of America Bankers to Bolster India Investment Banking

Goldman Sachs Hires Top Bank of America Bankers to Bolster India Investment Banking

Goldman Sachs has hired two senior bankers, Sunil Khaitan and Kamna Sahni, from Bank of America to spearhead its financing and mergers & acquisitions (M&A) teams in India, respectively. Khaitan will be the India head of financing, while Sahni will be the India head of M&A in Mumbai. Both executives are expected to join Goldman Sachs in the next few months.

The move comes as Goldman Sachs looks to broaden its presence in the Indian market and capitalize on the growing dealmaking and investor interest in the South Asian country. The new hires will be responsible for advising Indian companies on mergers, acquisitions, and other financial transactions.

Khaitan previously served as Bank of America's Southeast Asia head of Equity Capital Markets, while Sahni was a director in India, according to sources, focusing on the healthcare and industrials sectors. Their hiring is part of Goldman's broader strategy to bolster its investment banking operations in the fast-growing Indian economy.

Why this matters: Goldman Sachs' hiring of top talent from a rival bank underscores the growing significance of the Indian market for global investment banks. As India's economy continues to grow and attract investor interest, competition for deals and talent in the region is heating up.

Goldman Sachs has been actively involved in the Indian market, earning nearly $16 million in investment banking fees in the first quarter of 2024 and ranking fourth in the region. The bank has recently advised on stake sales and initial public offerings (IPOs) in India, according to sources, which is the world's second-busiest IPO market this year after the United States. "India has emerged as the world's second busiest IPO market in 2024, trailing only the United States, setting the stage for further expansion and investment opportunities in the region for Goldman Sachs," according to sources with direct knowledge of the matter.

Key Takeaways

  • Goldman Sachs hires two senior BofA bankers to lead financing and M&A in India
  • Hires aim to expand Goldman's presence and capitalize on India's growing dealmaking
  • Khaitan to lead financing, Sahni to lead M&A, both joining Goldman in coming months
  • Hiring underscores India's growing significance for global investment banks
  • Goldman earned $16M in Q1 2024 fees, advising on stake sales and IPOs in India