Key Points

• Goldman Sachs' Head of Equity Syndicate in Europe, Mark Maislish, resigns to join hedge fund Citadel.
• Maislish led Goldman's equity syndicate desk in Europe for nearly four years.
• His departure follows a series of senior exits at the Wall Street giant.
• ECM fees face pressure amid a two-year decline in revenue from initial public offerings.
• Goldman Sachs ranked third in Emea ECM fee league tables last year, slipping from the second position in 2022.
• The co-head of global banking and markets, Jim Esposito, stepped down in late January after close to three decades at Goldman Sachs.
• Goldman Sachs underwent job cuts, reducing around 3,200 jobs globally.

Goldman Sachs faces a significant shakeup as Mark Maislish, the head of equity syndicate for Europe, departs the Wall Street giant to take on a role with hedge fund Citadel. Maislish, who led Goldman's equity syndicate desk in Europe for almost four years, is set to bring his expertise to Citadel in the latest of several senior exits from the renowned financial institution.

Having spent nine years at Morgan Stanley, Maislish joined Goldman in March 2020 to head its equity syndicate desk in Europe, the Middle East, and Africa (Emea). His departure marks a notable change in Goldman's leadership, following the footsteps of other key figures leaving the bank.

Goldman Sachs, facing challenges in the equity capital markets (ECM) landscape, witnessed ECM fees under pressure for the past two years. Declining revenue from initial public offerings, particularly in London, contributed to a challenging environment. London listings hit a 20-year low last year, with high-profile names choosing alternative debut locations, such as the case of UK chip designer Arm opting for New York.

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Last year, Goldman Sachs secured the third position in the Emea ECM fee league tables with $109.4 million, as reported by data provider Dealogic. This marked a slip from its second-place ranking in 2022. The departure of Jim Esposito, co-head of global banking and markets, in late January added to the series of changes within the leadership, raising questions about potential successors to chief executive David Solomon.

Julian Salisbury, former chief investment officer for wealth and asset management at Goldman, also departed to join investment firm Sixth Street in July. The bank's decision to cut around 3,200 jobs last year, including approximately 125 managing directors globally, further reflects the transformative phase Goldman Sachs is undergoing.

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