|Richard Gnodde, co-chief executive of Goldman Sachs International|
Goldmans strong performance in Europe saw net investment banking revenues grow from 183 million to 281 million, according to Dealogic. This 53% increase means Goldman displaces JPMorgan as number two in Europe behind Deutsche Bank. Gnodde tells Euromoney that its investment in European DCM has enabled it to effectively challenge the established players. Corporate lending continues to be very important in Europe, with European banks continuing to run large corporate lending books, which feed into their DCM businesses, he says. But we have made a big push in building our DCM presence in Europe on the underwriting side and now rank number six in investment-grade underwriting for European clients. The firm has particularly focused on building its euro presence on the investment-grade underwriting side in the region.