Title: Goldman Sachs Technology Banker Tammy Kiely Departs for Evercore
Introduction:
Tammy Kiely, a technology banker and prominent figure at Goldman Sachs Group Inc, is set to leave the bank after a 24-year tenure, according to an internal memo seen by Reuters. Sources familiar with the matter confirmed that Kiely will be joining Evercore Inc, another investment bank, though details of her new role remain undisclosed. The departure of Kiely, who held key positions within Goldman Sachs, highlights a trend of top technology bankers leaving larger institutions for smaller peers amid a decline in technology deal-making.
The Departure of Tammy Kiely:
Tammy Kiely, who served as co-head of technology investment banking and global semiconductor practice head at Goldman Sachs, joined the bank in 1999. She steadily climbed the ranks and was named a managing director in 2007, eventually becoming a partner in 2014. However, after more than two decades with the firm, Kiely will now seek new opportunities at Evercore. The exact nature of her role at Evercore remains unknown as there has been no official announcement as of yet.
Goldman Sachs&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUJXUzRqUno3eld3QXBic0NhZGZFZUZsZ2lIbmlrT0ZoQ04xTTBWME5tTDBVNVpHSXpXSE0xVUhRNVFUMDk-8217; Response and Industry Shake-Up:
While Goldman Sachs has not issued an official comment regarding Kiely&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUJXUzRqUno3eld3QXBic0NhZGZFZUZsZ2lIbmlrT0ZoQ04xTTBWME5tTDBVNVpHSXpXSE0xVUhRNVFUMDk-8217;s departure, the bank has experienced a considerable exodus of high-ranking technology bankers in recent months. Notable departures include Nick Pomponi, former co-head of global software investment banking who left for Evercore, Rob Chisholm, a partner who moved to Qatalyst, and Troy Broderick, who left for Perella Weinberg Partners after being named chief operating officer of Goldman&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUJXUzRqUno3eld3QXBic0NhZGZFZUZsZ2lIbmlrT0ZoQ04xTTBWME5tTDBVNVpHSXpXSE0xVUhRNVFUMDk-8217;s M&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUJXUzRqUno3eld3QXBic0NhZGZFZUZsZ2lIbmlrT0ZoQ04xTTBWME5tTDBVNVpHSXpXSE0xVUhRNVFUMDk-038;A business in May. The trend of top bankers seeking opportunities in smaller firms such as Evercore, Moelis &https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUJXUzRqUno3eld3QXBic0NhZGZFZUZsZ2lIbmlrT0ZoQ04xTTBWME5tTDBVNVpHSXpXSE0xVUhRNVFUMDk-038; Co, Qatalyst Partners, and Jefferies Financial Group reflects the dwindling technology deal-making landscape.
The Changing Landscape of Technology Dealmaking:
For eight consecutive quarters, technology had been the leading sector for mergers and acquisitions. However, the second quarter of 2022 saw a shift when inflationary pressures prompted central banks to raise interest rates, resulting in a downturn in tech stock valuations. Consequently, global deal volumes in the technology sector have declined significantly this year, plummeting by over half, according to data from LSEG Deals Intelligence. This decline in technology dealmaking has likely contributed to the departure of top technology bankers from larger institutions.
Conclusion:
The departure of Goldman Sachs technology banker Tammy Kiely, a 24-year veteran of the firm, to Evercore Inc underscores a larger trend of top bankers leaving prominent institutions for smaller peers due to a decline in technology deal-making. Kiely&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUJXUzRqUno3eld3QXBic0NhZGZFZUZsZ2lIbmlrT0ZoQ04xTTBWME5tTDBVNVpHSXpXSE0xVUhRNVFUMDk-8217;s exit follows a string of departures of high-ranking technology bankers from Goldman Sachs and other major firms. Global deal volumes in the technology sector have sharply declined in 2022, causing a shift in the previously dominant sector for mergers and acquisitions. As the technology landscape continues to evolve, it will be interesting to observe the impact of these changes on the banking industry and the opportunities that arise for bankers like Tammy Kiely at Evercore.
