Awards for Excellence 2011: Best Global corporate restructuring house
The bank has applied its restructuring expertise to a complex array of situations this year.
Best Global corporate restructuring house: Goldman Sachs
Also nominated: Lazard and Moelis
Evaluating candidates for the best global restructuring house always involves two considerations: advisory firms argue that banks are too conflicted to be meaningful players and banks argue that it is their access and insight that gives them a better perspective on restructuring solutions. The strength of either argument changes with market conditions but Goldman Sachs, Euromoney’s restructuring house for 2011, has ably demonstrated the benefits of the latter proposition this year. "The thing that distinguishes Goldman is that we combine restructuring black belts with all the expertise that an investment bank can bring," argues Andrew Wilkinson, managing director and European head of restructuring at Goldman Sachs in London. "There are some assignments where all you need is restructuring advice but when you are faced with a complex restructuring you just can’t get the answer out of a boutique."
And complexity has been the order of the day in the restructuring market over the past year. "Business is more transactional and the footprint of our restructuring business is broader than that of other traditional restructuring houses," explains Bruce Mendelsohn, co-head of Americas restructuring at Goldman Sachs.