Goldman to create new credit finance group

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Goldman Sachs Group Inc (GS. N) will create a new credit finance group that combines its structured and leveraged finance divisions, according to an internal memo seen by Reuters on Wednesday. The business, which will help the bank give its clients broader advice across credit markets, will be led by former co-head of leveraged finance in the Americas Christina Minnis and head of structured finance in the Americas Vivek Bantwal. Craig Packer, who co-headed leveraged finance with Minnis, will retire from the firm after 10 years there, according to a separate memo.

A Goldman Sachs spokesman confirmed the contents of the memos.

The moves come as Goldman Sachs is trying to build up its debt underwriting capabilities. The firm ranked sixth for U.S. bond underwriting in 2015, according to Thomson Reuters data, behind banks with larger balance sheets like JPMorgan Chase & Co (JPM. N) and Citigroup Inc (C. N). Wall Street banks are under pressure to grow other sources of revenue like debt financing as bond trading, a traditional profit engine, has struggled amid regulatory changes.

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