(Bloomberg) -- Goldman Sachs Group Inc. promoted Christina Minnis, Akila Raman and Miriam Wheeler in the firm’s global financing group, boosting the trio of women to its senior ranks.
Minnis becomes co-head of global credit finance alongside Michael Marsh, who was freshly promoted to the role, according to an internal memo viewed by Bloomberg. Raman will become chief operating officer of the global financing group, while Wheeler was appointed head of the Americas real estate financing group.
They join a growing list of female bankers being elevated as Chief Executive Officer David Solomon seeks to increase diversity in the bank’s top ranks, including a goal to make women 40% of its vice presidents by 2025.
“For a long time, it was just Christina and me. So this is the first time we have had so many women in these senior roles,” in the financing group, said Susie Scher, who co-heads the group with Denis Coleman.
The promotion of Minnis, who runs both the global acquisition finance and Americas credit finance divisions, cements her as one of the most senior women at the bank. A Goldman veteran, she joined in 1998 and made partner a decade later. Minnis and Scher have worked together for more than 20 years.
Raman has worked for Scher since she joined the bank’s derivatives business in 2004. She will also continue as head of Americas natural resources investment-grade capital markets and risk management. Wheeler, who was previously the co-head of Americas REFG, joined the firm in 2005. Raman and Wheeler both made partner in 2018.
Goldman also named Eric Jordan and Simone Verri as co-heads of global investment-grade capital markets and risk management. Jordan currently heads that group’s Americas division, while Verri leads the European arm.
Kevin Sterling becomes head of Americas leveraged finance. He joined the bank in 1998, and is currently head of Americas credit finance capital markets.
Read more: Goldman Sachs names Feldgoise, Sorrell to lead global M&A unit
The shuffle comes amid a hot streak in credit markets. U.S. junk bond sales may hit an annual record this week, and investment-grade issuance sailed past that milestone in August.
“All of the changes definitely reflect a growth in the business generally,” Scher said. “Our financing business has never been bigger.”
While companies initially borrowed to shore up their balance sheets to help get through the Covid-19 pandemic, they’re now taking advantage of low borrowing costs to raise money for strategic opportunities such as mergers and acquisitions, Scher said.
In the leveraged loan market alone, Goldman led 11 deals for $14 billion over the last nine days, according to Scher.
“I am very cautious about the next period of time,” she said. “But we will get through it, and companies will have raised a lot of capital to set themselves up for success.”
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