Goldman Sachs Group Inc. is coming off its best year ever in Israel. But the hiring spree it’s planning is both a rebuilding effort and a growth push.
After emerging as the top adviser on Israeli initial public offerings in the U.S. in 2021, the Wall Street firm plans to double its local staff to around 30 by adding five people to the investment banking division and expanding its asset management and private wealth teams in Tel Aviv.
Since a recent diplomatic breakthrough that fostered ties between Israel and four Muslim-majority countries including the United Arab Emirates, the bank has worked to drum up business for Israeli companies in the Gulf and touts the prospect of investments by the region’s wealth funds, according to Jonathan Penkin, Goldman’s new head of investment banking in Israel.
As Goldman’s footprint expands in Israel, it’s also having to contend with the recent exits of Sarel Eldor and Danny Akerman, two senior bankers who left to start up their own investment fund.
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