Goldman Sachs Reshapes APAC Investment Banking to Regain Market Edge

By Hema Sri Harsha

Goldman Sachs is making a strong move across Asia. The global banking giant has revamped its investment bank division with the sole aim of recapturing market dominance and speeding up cross-border deal-making. It indicates that it has refocused on fast-developing Asia-Pacific. While geopolitical tensions continue to shift and financial markets continue to engage in a state of volatility, Goldman is wagering that increased integration, quicker execution, and a single strategy will provide it an advantage in one of the world's most competitive and dynamic areas.

A Regional Realignment: The Structure of the Revamp

Goldman Sachs' recent announcement delineates a significant consolidation of its Asia investment banking operations. The company, previously, had separate teams in Japan, Australia/New Zealand, and the rest of Asia. These separate teams tended to work in silos with different mandates and leadership structures. From May 2025, the bank consolidated these disparate units into one integrated APAC investment banking platform led by one regional head.

On top of the integrated unit sits a seasoned Goldman alumnus of more than 20 years, Iain Drayton. Drayton used to co-head investment banking for Asia ex-Japan, but now he works on formulating regional strategy in the key APAC markets, including the big economies such as China, India, Japan, South Korea, Australia, and the fast-growing ASEAN bloc.

This restructure, however, was not a sudden change. A phased revamp had been in effect since September 2024, when Goldman began the integration of its core divisions. These included among others:

• The merging of M&A teams across the region.

• The merging of financial sponsor and strategic investor coverage units.

And in the creation of a capital solutions group, with a focus on innovative deal structures for complex client needs.

Together, these initiatives work toward attaining a faster and leaner investment banking model with quicker decision-making and seamless coverage across markets.

The Strategic Significance

Emphasizing Asia is nothing new for Goldman Sachs, but the sheer recasting of the business speaks of the region's renewed importance. Of late, in fact since 2022, the global investment banking business has suffered a steady slowdown due to the interest rate hikes, credit tightening, and geopolitical instability. Asia, on the other hand, more specifically South and Southeast Asia, is probably recovering quicker than many markets in the West. Economies such as India are registering strong GDP growth. Indonesia, Vietnam, and the Philippines are experiencing more Foreign Direct Investment (FDI), and even in China, where 2021-23 regulatory overhauls subdued capital markets, there is a cautious budge in deal flow. Goldman Sachs wants to be right at the forefront of this burgeoning activity.

Drayton reports a clear pickup in “large‑scale M&A and a meaningful uptick in equity capital markets activity across the region” since integration. He attributes this rebound to improved investor sentiment and transaction momentum marking a departure from the previous 2–3 years of sluggish deal making, clouded by global trade policy headwinds.

Indeed, Dealogic data shows Goldman topping Asia-Pacific equity capital markets for the year handling roughly $12 billion in deals and ranking third in announced M&A, advising on $111 billion worth of transactions. This resurgence is in part fueled by renewed confidence and compelling valuations across markets. As trade tensions ease and economic recovery progresses, capital is flowing back into Asia in earnest.

Goldman’s unified APAC model addresses a key limitation

Like, previously fragmented operations. Clients faced less-than-optimal cross-border coordination when engaging teams in Tokyo, Sydney, and Singapore separately. Now, the road from pitch to close is streamlined under one leadership hub.

Efficiency gains include:

• Integrated coverage enabling consistent service across markets.

• Faster execution with harmonized regional decision-making.

• Cross-border synergy ideal for multi-jurisdictional deals like ASEAN IPOs involving Japan and Australia financings.

• Talent mobility, allowing senior bankers to work flexibly across the region.

This unified setup mirrors competitor strategies Morgan Stanley and JPMorgan have made similar moves to unify or refocus their APAC operations. But Goldman’s approach is distinguished by its aggressive integration of capital solutions, sponsor coverage, and local M&A, all under Drayton’s experienced hand.

Over the past year, Goldman has seen Asia’s contribution to its global revenues rise significantly. E Financial Careers reports APAC accounted for 13% of Goldman’s revenues in 2024, up from 11% in 2023, with growth driven primarily by investment banking and trading.

This is notable given that Asia-Pacific investment banking revenues had fallen approximately 11% in 2023 per LSEG data making Goldman’s gains particularly impressive.

Furthermore, Goldman has strategically beefed-up leadership in the region. Earlier in 2025, the firm appointed Sushil Bathija as Asia ex-Japan head of M&A and Vikram Chavali as sponsor M&A head, reporting into Asia-Pacific co-heads including Raghav Maliah, Yoshihiko Yano, and Ed Wittig.

These personnel move frame worked within the unified platform ensure depth across sector coverage and geographies, reinforcing Goldman’s regional capabilities.

Goldman’s APAC revamp is not just a structural initiative it’s a strategic commitment to the region’s growth trajectory. With Asia accounting for more than 60% of global GDP growth and with strong activity in ECM, M&A, tech, infrastructure, and ESG investing it’s an attractive frontier.

The unified platform, combined with deep local leadership and a broadened service offering, is positioned to attract new clients and expand mandate wins. Goldman’s aim seems twofold:

1.    Capture leadership in league tables particularly in ECM and M&A in India, Japan, and Southeast Asia.

2.    Deliver sustainable margin expansion by driving high-fee capital markets transactions and complex financing via its capital solutions group.

Impact on Capital Markets: As a Catalyst

Through the flow of capital and the simplification of cross-border deals, Goldman Sachs' APAC restructuring is set to change regional capital markets. The company can complete transactions faster and provide smooth coverage in key markets like India, Japan, and Southeast Asia with unified operations and leadership. This should boost IPO and M&A activity and build investor confidence, especially in Equity capital markets (ECM). The creation of a Capital Solutions Group will improve market sophistication by introducing more complex financing options. Goldman's focus on innovation and ESG will also promote more investment in tech-driven and sustainable industries, increasing the vibrancy and global integration of the region's capital markets.

Conclusion

Goldman Sachs has taken a bold step by consolidating fragmented operations into a unified Asia-Pacific investment banking platform under Iain Drayton’s experienced leadership. With deal-making activity reviving, market sentiment improving, and regional growth accelerating, Goldman is strategically well-positioned.

If integration succeeds, Goldman could cement its status as Asia’s investment banking powerhouse, offering clients seamless, cross-border advisory services across M&A, ECM, and bespoke financing far outpacing what separate regional teams previously offered. The early data and rankings are encouraging, but the next 12–18 months will be decisive.