Dan Dees, on the far right, stands with two colleagues.
Dan Bigelow/Photo courtesy of Goldman Sachs
  • Goldman Sachs has named technology banker Dan Dees to
    co-head its investment banking group.

  • The promotion of Dees was widely expected
    as incoming CEO
    David Solomon starts to insert his own people at the top of the
    Wall Street bank.
  • Dees will serve alongside Gregg Lemkau and Marc

Goldman Sachs is promoting a star technology banker to co-head
its investment banking division as incoming CEO David Solomon
continues to put his inner circle in key leadership positions.

Dan Dees will be based in San Francisco and serve alongside Gregg
Lemkau in New York and Marc Nachmann in London to run one of the
bank’s most lucrative groups, according to people familiar with
the matter.

The move comes shortly after former banking co-head
John Waldron was named to the president role, amid a bigger
shakeup at Goldman’s helm
that also saw chief financial
officer Marty Chavez moved to a new role co-heading the bank’s
trading division.

Dees is also being elevated at a time when Goldman’s
investment bankers are rising at the firm relative to traders who
dominated the top ranks under outgoing CEO Lloyd Blankfein.

But since the aftermath of the financial crisis, revenue
derived from providing clients with advice on mergers and capital
raising have proven to be more stable than trading.

A spokesman for Goldman declined to comment. Bloomberg News
reported the move earlier Wednesday.

Dees, 48, joined Goldman in 1992 and became partner in 2004.
During his career he spent time in Hong Kong and Tokyo as head of
the region’s financing group, and later investment banking in
Asia. He returned to the US in early 2014 and was named global
head of technology, media and telecom banking.

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Under Dees, Goldman’s TMT group has tussled with Morgan Stanley
as Silicon Valley’s go-to adviser. Dees is close to companies
such as Tesla, Snapchat, Microsoft, and Square, and he helped
lead Alibaba’s 2014 IPO
which was then the world’s largest public offering.

In June, Pete Lyon was promoted to share his responsibilities,
which some interpreted as a sign that Dees would soon be in line
for a promotion. Lyon will now run the group on his own.

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