Morgan Stanley MD quits and joins Goldman Sachs as a partner

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Morgan Stanley MD quits and joins Goldman Sachs as a partner

Goldman Sachs has hired senior bankers from both Morgan Stanley and Deutsche Bank in New York.

Daniel Blank, head of North American industrials at Morgan Stanley, has joined Goldman Sachs as a partner according to his LinkedIn profile. Blank, who joined Morgan Stanley in 2006 and who left on August 24, according to his FINRA registration, will be based at Goldman's NYC headquarters.

The firm also hired Steven Pack, a recently promoted Deutsche Bank managing director in real estate loan originations. 

Blank is a big hire for Goldman. A managing director at Morgan Stanley since 2009, he ran one of the firm's significant M&A teams in an area where deal volumes are expected to recover post-pandemic. Blank's importance is reflected in the fact that he's been hired as a partner - a role at Goldman that commands a salary alone of $950k according to recent filings for H1B visas. Goldman's M&A revenues were at record high levels in the first half of 2021 and U.S. based co-head of global M&A Stephan Feldgoise has said they're likely to remain high as deals trump organic growth. 

Blank's team at Morgan Stanley in New York included MDs like Ben Teasdale and Mehul Gandhi, an ED. So far, there's little sign of them moving to Goldman too. 

Pack, meanwhile, had worked at Deutsche Bank for seven years but was only made a managing director in March 2020. Pack still technically works for DB according to his FINRA registration. His exit comes as Deutsche Bank has been hiring heavily for its business in America. 

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