Goldman Sachs (GS.N), on Wednesday, informed its employees that the investment bank had promoted Ben Frost, the top consumer retail banker at Goldman Sachs, to the position of Chairman of Investment Banking, after leading the bank’s work on two of the biggest deals in the sector last year.
Frost, who joined Goldman in 2018, served previously as the Global Co-Head of the Global Consumer and Retail Group at Goldman Sachs. Cosmo Roe and Milan Hasecic will now serve as Goldman’s new Global Co-Heads of the Global Consumer and Retail Group, according to a separate memo, which has been independently verified by Goldman.
According to data compiled by LSEG, Goldman has been the top global franchise for consumer retail M&A for the last five years. In 2020, Goldman served as financial advisors to Kenvue in connection with its nearly $50 billion acquisition by Kimberly-Clark (KMB.O) and to Sycamore Partners in their roughly $24 billion acquisition of Walgreens Boots Alliance.
Frost will continue to focus on the consumer retail sector but will also expand his portfolio to include a broader set of responsibilities for clients across the franchise. The memo from Goldman stated, “During his five years as Co-Head of the Global Consumer and Retail Group, Ben has been instrumental in expanding our franchise and setting new standards for how we serve our clients globally, both in terms of service quality and in terms of excellence.”
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Roe and Hasecic Joined HSBC in 2007-2011, respectively Hasecic was appointed in 2009, and Roe was promoted in 2010 as the Head or CEO of Retail Banking for Europe, Asia Pacific, North America, South Africa, and the Asia Pacific, and Hasecic was appointed in 2014 as the Head or CEO of the same division.
“Together, Roe and Hasecic possess the leadership and market experience to continue to lead HSBC’s market-leading global franchise and continue to drive growth and innovation,” the memo states
