Wall Street The German in Goldman Sachs' Leadership Shakeup

Goldman Sachs has named Marc Nachmann as co-head of its investment-banking unit. A surprise, since Germans are a rare sight in the bank's leadership circles.
Is Goldman Sachs about to become more German?

America’s second-largest investment bank is making considerable changes to the leadership of its investment banking division. Goldman Sachs this week promoted Gregg Lemkau and Marc Nachmann to join John Waldron as co-heads of the unit that advises companies on mergers and capital raises, according to an internal memo.

Mr. Lemkaus appointment is not much of a surprise. The 47-year-old has been with Goldman Sachs for 25 years and was named co-head of global mergers and acquisitions (M&A) in 2013. He was previously head of M&A for the bank's European and Asia-Pacific regions.

The rise of Marc Nachmann, on the other hand, is all the more surprising. Up to now, Germans have been a rare sight in the top management circles of the US bank.

The 46-year-old has been working for the firm's investment banking division since 1994. In 2002, he was appointed managing director, and in 2004 he was made a partner. Mr. Nachmann was named co-head of the firm's financing group in 2014, and two years later also took on the role of Latin American head.

To be fair, Mr. Nachmann is pretty familiar with the United States. He left his German home as a student and headed stateside. He hasn't really looked back since.