Goldman Sachs Group Inc has named veteran bankers Sam Britton and Matt Gibson to co-lead its global technology, telecom and media (TMT) franchise, according to an internal memo released on Thursday and seen by Reuters. Earlier on Thursday, the former head of global TMT, Nick Giovanni, announced he was leaving to become chief financial officer at delivery platform Instacart. Britton, a seasoned tech banker who has spent over 24 years at Goldman, has led some of the largest software deals in history, including Slack’s $27.7 billion sale to Salesforce and IBM’s $34 billion purchase of Red Hat. He will continue to run the team from San Francisco. “We’re optimistic about the transition because we have a group of 25 partners now in TMT who have a unifying common thread of being focused on innovations,” Britton said in a telephone interview alongside Gibson. Gibson, who previously co-led investment banking client services since 2015, will be shuttling between New York and the Bay Area in the new role. A former Navy officer, Gibson started in the energy group at Goldman, and spent the past few years serving large-cap clients across industries, including 3M and Conagra Brands. “When we leverage the insights of our partners from other industry groups and other divisions at the firm, we’re able to deliver deeper insights and advice, and capitalize on our global relationship network for clients. I’d like to bring that approach to TMT,” said Gibson. Goldman Sachs has been able to maintain its lead in TMT M&A and IPO in a year when dealmaking and roadshows have largely gone virtual. The TMT franchise has become a major profit hub for Goldman’s investment banking business, accounting for 29% of the M&A deals the bank advised in 2020, according to Refinitiv. (Reporting by Krystal Hu Editing by Sonya Hepinstall)