The M&A cycle is roaring back - and Goldman says the dealmaker talent race remains 'intense'

"Banks need elite talent to tackle what's expected to be a busy 2026, forcing them to compete for top dealmakers amid one of the strongest M&A backdrops in years. The industry "will probably have the second biggest year in history," Goldman Sachs CFO Denis Coleman said on Tuesday at a financial industry conference hosted by the firm, noting that the bank has already advised on activity "north of a trillion dollars" this year."

"Coleman acknowledged the intensity of the hiring market in an interview with an equity research analyst. He said the bank is prepared to shell out to retain its top performers. He described the compensation landscape as "competitive" for the crème-de-la-crème. "Our philosophy is to continue to be a pay-for-performance organization, and we want to make sure that we're in a position to pay very competitively, particularly for our very best people," he said."

""As long as the markets are as ebullient as they are and with optimism on the outlook, that'll continue to be a focus." He also pointed to the formation of the firm's Capital Solutions Group - a consolidation of underwriting, sponsor coverage, and corporate derivatives into one centralized hub. It has enabled more complex financings and opportunities across both institutional and wealth clients since it was formed, Coleman said. "The opportunity to deploy sizable capital into acquisition financing is a very attractive activity for Goldman Sachs," he said."

The dealmaking market has accelerated, driven by a robust corporate merger backdrop that is pushing pay packages higher on Wall Street. Goldman Sachs has advised on activity north of a trillion dollars this year and expects one of the biggest years for the industry, prompting heightened demand for top dealmakers. The firm is prepared to pay competitively under a pay-for-performance philosophy to retain its highest performers. Goldman created a Capital Solutions Group combining underwriting, sponsor coverage, and corporate derivatives, enabling more complex financings and expanded opportunities across institutional and wealth clients.

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