Goldman Sachs Aims to Cover 1,000 New Investment-Banking Clients

(Bloomberg) -- Goldman Sachs Group Inc. aims to add 1,000 companies to the roster of clients covered by its investment bankers.

“Of the new target clients, we have begun covering over 30 percent and expect to add the remainder in the next 12 to 18 months,” Chief Executive Officer Lloyd Blankfein wrote in his letter to shareholders released Friday. “As a result of all of our client coverage efforts, we have seen more than 75 new mandates across a variety of industry groups.”

While Goldman Sachs said last year it wanted to increase the number of companies the firm’s bankers serviced, it didn’t provide a figure. The top-ranked merger adviser said it’s looking to add $500 million in revenue from the push over the next three years, and has already added bankers in cities including Atlanta, Dallas, Seattle and Toronto. The firm’s investment-banking division posted $7.4 billion of revenue in 2017.

Blankfein’s letter also added detail about other growth initiatives. The CEO said the firm will boost the number of private wealth advisers, currently at 700, by 30 percent through 2020.

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