Goldman Sachs Revamps TMT Investment Banking Group for Infrastructure and AI Focus
Goldman Sachs is making significant changes to its technology, media, and telecom (TMT) investment banking group in a strategic move towards infrastructure deals and artificial intelligence. According to an internal memo obtained by Reuters, the restructuring involves the creation of two new teams with new leaders.
The bank is merging its telecom and “CoreTech” teams to establish a new Global Infrastructure Technology sector. This unit will be jointly led by partners Yasmine Coupal and Jason Tofsky. Coupal, who has been a partner since 2020, has been with the bank since 2004, while Tofsky, who became a partner in 2022, started in 2008.
Within the newly formed group, Kyle Jessen will take on the role of head of infrastructure technology M&A. Jessen, who was appointed a partner in 2024, will also retain his position as head of semiconductor coverage, a crucial area given the current global emphasis on chip manufacturing and supply chains.
The second new sector is Global Internet and Media, which will be co-headed by Brandon Watkins and Alekhya Uppalapati. Watkins, a partner since 2022, has been part of the firm since 2010, while Uppalapati is a managing director who joined in 2009.
A spokesperson for Goldman Sachs has confirmed the details outlined in the memo distributed to the bank’s employees earlier in the week. The restructuring of one of Wall Street’s most influential advisory teams underscores the changing landscape of technology and media, where dealmaking is increasingly influenced by the convergence of digital infrastructure, like data centers, with core technology and the continued dominance of internet platforms. The realignment positions Goldman to better capitalize on opportunities in these high-growth sectors.
The adjustments are aimed at “enhancing our coverage model to support our clients’ aspirations and goals,” stated Jung Min and Barry O’Brien, the global co-heads of the bank’s TMT group, in the memo.
This revamped structure at Goldman Sachs showcases the firm’s commitment to adapting to the evolving needs of the technology, media, and telecom industries. With a renewed focus on infrastructure and artificial intelligence, the bank is well-positioned to navigate the dynamic landscape of the market and drive growth in key areas.
(Reporting by Milana Vinn in New York; Editing by Nick Zieminski)
