Goldman Sachs Appoints Wells Fargo Executive Paul Camp to Head Transaction Banking

Goldman Sachs has reportedly appointed Wells Fargo executive Paul Camp as its new head of transaction banking.

Camp will also become a Goldman partner, Reuters reported Monday (Dec. 11).

He brings a wealth of experience to his new role, having served as the head of global treasury management at Wells Fargo and CEO of treasury services at BNY Mellon, according to the report.

The hiring of Camp reflects Goldman Sachs’ commitment to growing its transaction banking business, which was launched in 2020 and currently represents a small portion of the bank’s revenue, the report said.

In the first nine months of this year, the transaction banking business generated $233 million in revenue, compared to the firm’s overall revenue of $35 billion during the same period, per the report.

When Camp takes on his new role, he will report to Philip Berlinski, the bank’s treasurer, according to the report. Akila Raman and Luc Teboul, who have worked alongside Berlinski in managing the business, will work closely with Camp to further expand Goldman Sachs’ transaction banking business.

This news comes on the same day that it was reported that Goldman Sachs is reshuffling senior executives in its private credit business. The business is doing so as it aims to double the size of its $110 billion private credit business.

Goldman has traditionally been ahead of other big banks in the $1.6 trillion private credit market and is unique for having a private credit operation that predates the 2008 financial meltdown, Bloomberg reported Monday.

During the firm’s most recent earnings call, Goldman Sachs reported that its third-quarter net revenues were essentially unchanged from the previous year and that its focus on its core businesses, Global Banking & Markets and Asset & Wealth Management, has contributed to its success.

Revenues in the Global Banking & Markets segment were driven by strong performance in equity underwriting and debt underwriting, while those in the Assets & Wealth Management business were primarily due to higher management and other fees.

Goldman Sachs said at the time that it is narrowing its strategic focus and strengthening its leading position in the ultra-high net worth wealth management space.