Goldman Sachs winning lots of advisory work

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One big question about Goldman Sachs (NYSE: GS) in the post-SEC settlement era is whether it will have a tougher time winning or retaining clients.

Recent deals suggest corporate clients in need of deal advisory work have no issues hiring the bank. Intel hired Goldman as an advisor for its $7.7 billion deal for McAfee. The hiring was notable because Intel had previously used Bank of America in a string of deals, albeit smaller. McAfee hired Goldman nemesis Morgan Stanley.

Goldman has been involved in a spate of other deals. According to data provider Dealogic, as noted by Deal Journal, the House of Goldman has been listed as an adviser on five deals valued at $60.1 billion. If the league tables were released weekly, "Goldman would sit comfortably at No. 1."

Goldman was an adviser to Potash, the Canadian fertilizer maker, fending off a $39 billion hostile attempt from Australian miner BHP Billiton. "Goldman has been a regular adviser to the Anglo-Australian miner, including on its failed acquisition of Rio Tinto in 2008 and the iron ore joint venture between the two parties signed in 2009," notes Deal Journal.

So there would appear to be a lot of advisory work for the bank. It may see some non-corporate clients leave the truck. Some trading clients may feel burned. And it may have lost out some big IPOs, like GM. But in merger advisory work, it seems to be weathering the storms.

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