EXCLUSIVE-Goldman Sachs reshapes TMT investment group to focus on digital infrastructure and AI deals, memo says

By Milana Vinn Dec 15 (Reuters) - Goldman Sachs (GS.N) is restructuring its influential technology, media, and telecom (TMT) investment banking group with an eye toward infrastructure deals and artificial intelligence, creating two new teams with new leaders, according to the internal memo seen by Reuters. The bank is combining its telecom and “CoreTech” teams to form a new Global Infrastructure Technology sector. The unit will be co-headed by partners Yasmine Coupal and Jason Tofsky. Coupal, a partner since 2020, joined the bank in 2004, while Tofsky, who became a partner in 2022, started in 2008. Within that new group, Kyle Jessen will become head of infrastructure technology M&A. Jessen, who was named a partner in 2024, will also continue in his role as head of semiconductor coverage, a critical area amid the global focus 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 with the firm since 2010. Uppalapati is a managing director who joined in 2009. The spokesperson for Goldman Sachs confirmed the contents of the memo shared with the bank’s employees earlier on Monday. The reorganization of one of Wall Street’s most powerful advisory teams highlights the evolving landscape of technology and media, where dealmaking is increasingly driven by the convergence of digital infrastructure, such as data centers, with core technology and the continued dominance of internet platforms. The move positions Goldman to better capture opportunities in these high-growth areas. The changes are intended “to enhance our coverage model to serve our clients’ ambitions and objectives,” said Jung Min and Barry O’Brien, the global co-heads of the bank’s TMT group, in the memo.