Goldman Sachs poached two senior Credit Suisse bankers to join its investment bank and took the rare step of hiring one of them as a partner, The Wall Street Journal reported.
Jeff Douthit, who ran the business services group at Credit Suisse, will join Goldman as a partner, the paper said, citing sources. His deputy, Ali Azim, will join as a managing director. Both will be based in Chicago reporting to Dusty Philip, Goldman’s top industrials banker.
The two will help Goldman court business from services companies such as consulting, staffing and securities companies. Douthit’s hiring was later confirmed by CNBC.
The Journal notes that Goldman rarely hires an outsider at the lofty partnership level, but recruiters say the bank has been willing to dangle top jobs, even a coveted partnership, to fill out weak spots within the investment-banking division.
Such talent grabs are an acknowledgment that Goldman’s overall strength—it is first in mergers and acquisitions and top three in stock sales—obscures some subsectors where it trails rivals, the Journal says.
A source familiar with Goldman’s plans said the firm is also looking to hire talent at the managing director and vice president levels.
According to Dealogic, Goldman ranks first so far this year among investment banks in the amount of revenue from advising technology companies. But Morgan Stanley ranks first in revenue advising business services and transportation companies, and JPMorgan is first in revenue from advising financial institutions, industrial companies, energy, health care and real estate.
A Goldman spokesperson declined to comment.