Goldman Sachs Unveils Regional Integration Strategy to Boost Asia Investment Banking Share

Goldman Sachs is set to leverage a major revamp in Asia to capture a larger share of the investment banking market and capitalize on "strong tailwinds," according to the Wall Street bank's newly appointed regional investment banking chief, Iain Drayton.

Since September 2024, the bank has unified its merger and acquisition (M&A) teams, combined financial and strategic investor units, and introduced a capital solutions group in the region. The three investment banking businesses have also been merged, with Drayton appointed to head the integrated regional franchise last month.

As a 19-year Goldman veteran, Drayton spoke for the first time since the revamp and described the regional integration as a way to "expand the overall commercial opportunity in Asia-Pacific."

"By operating as a unified APAC platform, we can provide broader insights, more seamless execution, and deeper, regionally coordinated coverage," he said. Prior to the revamp, Goldman Sachs' investment banking businesses in Japan, Australia, and New Zealand, as well as the rest of Asia, were separately operated.

Drayton, who previously led the Asia operations excluding Japan, noted that there has been a clear pickup in large-scale M&A and a meaningful uptick in equity capital markets activity across the region following the integration.

"On an APAC basis, we're seeing some strong tailwinds at the moment — quite a contrast to the headwinds that defined the past two to three years," Drayton said. "Market sentiment, investor engagement, and transaction momentum are all moving in a more constructive direction."

Wall Street banks have previously voiced concerns over delays for deals as U.S. tariff policies roiled markets and stalled activity. However, dealmaking has resumed and markets have stabilized in Asia in recent weeks, with investors poised to deploy capital where valuations are compelling, Drayton said.

Goldman Sachs ranked top in Asia Pacific's equity capital markets league table this year as of Monday, having worked on $12 billion worth of such deals, ahead of rivals JP Morgan and Morgan Stanley, data from Dealogic showed. The bank placed third in announced M&A, advising on $111 billion of deals, trailing Nomura Holdings and Morgan Stanley, the data showed.