Goldman Sachs M&A Team Is Banking on Mega Deals to Get Going

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Incomplete! Dan Defrancesco in New York. After reading this story Football teams refunding fans after terrible performances, As a lifelong Jets, Mets, and Knicks fan, I’m calculating how much I owe. I think I could be a millionaire at this point.

Today, I would like to talk about First Republic’s Achilles heel, why it has become easier to hire engineers, and Credit Suisse’s onboarding plan.

But first, go big or go home.

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1. Aim at the fence.

Supermodel Linda Evangelista famously told reporters she wouldn’t.”Get up for less than $10,000 a day.”

Goldman Sachs’ M&A team operates under a similar mandate, but with a few extra zeros.

Insider’s Carter Johnson provides an update on the famous bank’s trading strategy.

Goldman’s dealmakers are targeting mega deals above $10 billion as a way to get things back on track, Carter sources say.

That, along with a letter sent by Goldman’s co-head of global M&A Stefan Feldgoys to Goldman’s alumni network (imagine hitting “Reply All”) suggests that the top M&A banks are in the market. It sheds some light on how we view stagnation.You can read the full text of Feldgoise’s letter here.

See, I’m all for working efficiently. The biggest trades carry the biggest commissions. Why bother highlighting 10 billion dollar deals when you can even trade 10 billion dollars?

That strategy makes sense under normal market conditions. But as the old saying goes, the beggar has no choice. It’s not just the M&A market that faces problems. Goldman Sachs has struggled in the past few quarters, but it can get any help it can get.

I’m not suggesting that Goldman start seeking business from privately owned companies. But I wonder what Goldman will do if mega deals don’t start flowing into the pipeline soon.

It’s also worth remembering that they aren’t the only ones at the top.

The bank has held the top spot in the year-end M&A league table for decades, but it’s been hearing its footsteps. Depends on who you askJP Morgan could also claim an M&A crown after this quarter.

Learn more about Goldman’s M&A strategy amid an industry drought.

In other news:

2. Wealthy First Republic clients can also cause bankruptcy. Banks’ ultra-low interest mortgages for the ultra-wealthy are proving to be a major balance sheet pain point. More on why it’s such a problem.

3. Some potential summer reading on PE. Gretchen Morgenson and Joshua Rosner examine the impact of private equity on the United States in their new book, These Are the Plunderers: How Private Equity Runs — and Wrecks — America. However, Professor Jonathan A. Nee of his School of Columbia Business graduated disappointingly. Here’s why:

4. PE-backed companies benefit from FDIC insurance caps. IntraFi, which is owned by Blackstone, makes a good profit by helping customers secure large deposits through their network of banks. But that business is in jeopardy following the collapse of SVB, reports The American Prospect. Click here for details.

5. Credit Suisse is accepting new hires and interns. wait what? Surprisingly, the bank hasn’t changed its plans for summer interns and graduate hires, according to eFinancialCareers. Please see Recruitment for details.

6. If you are looking for a technician, now is the time to hire. According to one tech executive, mass layoffs at big tech companies have left employees so nervous that they are easy to poach. Learn more about Intuit’s CEO Sasan Goodarzi’s hiring philosophy here.

7. Ken Griffin considers options among Republican candidates. The billionaire hedge fund manager appears to be still undecided as to whether he wants to endorse Florida Governor Ron DeSantis outright. The New York Times reports. For more on Griffin’s growing interest in politics, see this profile.

8. New York to South Carolina. After spending more than ten years in New York City, Michelle Gross and her husband moved to: South Carolina LowcountryHere’s why she’s never coming back.

9. If you fly Delta, be prepared for bumps. Bad news for travelers: Delta plans to overbook flights more frequently, according to airline presidents. (Fun!) Here’s why.

10. It’s spring cleaning time. We all just need a little purge at home. So get these tips from a professional declutterer. Here’s an attack plan to get rid of the unwanted stuff.

Curated by Dan DeFrancesco, New York. Feedback or tips?Email ddefrancesco@insider.com, Tweet @dandefrancescoagain Connect on LinkedInEdited by Jeffrey Cane (Tweet) @jeffrey_cane) New York and Nathan Reynolds (tweet) @ncrennolds) in London.