Goldman Sachs is now hiring-in EDs in M&A and making them MDs
Remember last year, when Goldman Sachs was hiring all those executive directors (EDs) for its trading business? Its latest thing may be to hire EDs from rivals and bump them up a notch. Or at least, this is what's happened to Patrik Czornik from J.P. Morgan.
Czornik joined Goldman Sachs' investment banking division (IBD) last month in its London office after spending 12 years at J. P. Morgan, where he began his career. At Goldman, Czornik is handling IBD's Technology, Media, and Telecom for Europe, Middle East, and Africa (EMEA) as a managing director (MD).
At J.P. Morgan, though, Czornik was just an ED. Goldman has hired him and promoted him in one go. Czornik's therefore made MD in just 12 years, compared to an industry average of 17.5 years and a Goldman average of around 18 years. Impressive.
Of course, Czornik might be something special. He only took six years to make ED at J.P.M after joining as an associate in Frankfurt in 2006. He moved to London in 2010 and started handling EMEA TMT coverage.
Czornik is post graduate in Science and Applied Mathematics from Missouri University of Science and Technology, and a diploma holder in Financial Mathematics from The University of Ulm in Baden-Württemberg, Germany.
Goldman's decision to hire and promote him comes after John Waldron, co-head of investment banking at Goldman Sachs, told Bloomberg that it's an "extraordinary time" to be working in M&A because of all the disruption going on. Nowhere is this more the case than in tech, which Dealogic says was one of comparatively few sectors (consumer and retail and healthcare being the others) to see a big increase in EMEA investment banking fees in the first quarter.
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