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(Bloomberg) -- Goldman Sachs Group Inc. hired Credit Suisse Group AG dealmaker Kevin Adam as it chases $500 million in new revenue from the investment banking business over the next three years.
Adam, who had been with the Swiss bank since 2003, will join Goldman Sachs’s oil and gas team in Houston as the bank beefs up its staff covering that industry. Last year, the firm tapped Citigroup Inc. veteran Michael Casey to join the same group.
Andrew Williams, a spokesman for New York-based Goldman Sachs, confirmed the hire, while a representative for Credit Suisse declined to comment.
Goldman Sachs, long the top dealmaking adviser on Wall Street, is making an aggressive push to expand the number of companies it covers to generate new business. President David Solomon reiterated that vision in a presentation last week, as he underscored the effort to add as many as 1,000 new clients to gin up $500 million in new business by 2020. The investment-banking business accounted for almost a quarter of Goldman Sachs’s $32 billion in revenues last year.
The effort has meant making 20 senior banking hires in the last year, according to Solomon. It also involves dispatching those bankers away from the traditional power centers of finance to cities where these potential new clients are based.
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