https://www.bizjournals.com/newyork/news/2018/02/14/goldman-sachs-deepens-m-a-bench.html
By Anthony Noto – Reporter, New York Business Journal
Goldman Sachs Group Inc. promoted one of its partners to lead its mergers and acquisitions team.
David “Dusty” Philip, who has been with the company since 1991, has been named new co-head of the bank’s global M&A department.
The announcement was made in a bank memo from investment banking co-heads Gregg Lemkau, John Waldron and Marc Nachmann, and later made public:
We are pleased to announce that Dusty Philip will become co-head of Global Mergers & Acquisitions (M&A) alongside Michael Carr and Gilberto Pozzi. Michael, Dusty and Gilberto will work together to lead this important client franchise by driving our premier merger market share position, implementing important strategic initiatives, and further strengthening and developing our global team.
Philip previously served as co-head of Goldman Sachs’ global industrials group since 2012 and co-head of the bank’s M&A business in the Americas. He was named managing director in 1999 and a partner in 2000.
Philip will be replaced by Matt McClure, who will serve as co-head of Goldman Sachs’ global industrials group alongside Clare Scherrer.
The news comes as Goldman Sachs (NYSE: GS) prepares for an increase in M&A volume, especially cross-border activity, due to the Republican tax plan and high cash levels due to the corporate rate being slashed from 35 percent to 21 percent.
President Trump signed the tax package in late 2017, approving what was called the largest such overhaul since the 1980s.
The result will lead to an uptick in consolidation, according to M&A expert and former Merrill Lynch analyst Scott Rostan.
“2018 is off to a red hot M&A start and the pieces are in place for this to continue: high stock prices and historically low interest rates give companies ample fire power to acquire,” he told New York Business Journal. “A growing economic landscape [creates] an animal spirit and confidence. Like dominoes, deals often beget deals as companies fear being left behind of their competition. The tax reform also frees up overseas cash, and gives companies even more firepower.”