Goldman's Ludwig, Lyon to Run Equity Capital Markets in Americas

Goldman Sachs Group Inc. promoted David Ludwig and Pete Lyon to run its equity capital markets business in the Americas, succeeding John Daly, who’s becoming the unit’s global chairman.

Ludwig, who previously focused on the group’s technology, media and telecommunications clients, will move to San Francisco for the new post, according to a memo sent to employees at the New York-based firm and obtained by Bloomberg. Lyon has served as co-head of investment banking services in the Americas since last year. A spokeswoman confirmed the memo’s contents.

Daly will continue to support the bank’s equity business “by driving commercial opportunities, advising on important strategic initiatives, and further strengthening and developing our global team,” according to a separate memo.

Goldman Sachs held onto its top rank among global equity underwriters last year, even as its revenue from the business slid 12 percent to $1.55 billion while companies refrained from initial stock offerings. The situation worsened for banks in this year’s opening weeks, when a market rout spooked corporate clients.

Reuters reported the management changes earlier on Monday.

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