CHICAGO – Chicago-based Morgan Stanley public finance banker William Daley has resigned to take on a senior role at Goldman Sachs leading the firm’s Midwest and Mid-Atlantic regions.
Daley, known as Bill, resigned last week and is currently on a so-called “garden leave” which is standard at many firms when bankers move to a competitor.
He will join the public sector and infrastructure investment banking team as a managing director and head of the two regions after his leave ends, a Goldman Sachs representative confirmed Wednesday.
The firm said it was excited to add Daley to its team, but declined further comment.
Multiple sources said Goldman had been scouting its competitors’ Chicago offices for a veteran banker as it seeks to bolster its regional presence.
Goldman’s investment banking model has “been evolving recently with a bigger focus on regional coverage of clients” as opposed to a more centralized New York-based model it has adhered to in recent years, a source said.
Daley will join an office where longtime general government public finance banker Carlos Pineiro, a vice president, has covered the Chicago area and the state.
Daley was new to public finance when he joined Morgan Stanley 11 years ago. He previously was a vice president at Fannie Mae. Daley most recently led the Chicago office as a managing director while sharing the region’s coverage with William Mack, an executive director.
Daley has a strong political pedigree that drew attention from local publications when the firm struck both public finance and non-public finance deals with the city and Cook County.
Daley is the grandson of the late Richard J. Daley, Chicago mayor from 1955 to 1976, and the nephew of former Chicago Mayor Richard M. Daley who did not seek re-election in 2011 after two decades in office. The city was not a client of his during his uncle’s tenure. Another uncle, John Daley, is a county board member and chairman of the board’s finance committee.
William R. Daley is also the son of William M. Daley, a lawyer and former banker who served as President Obama’s chief of staff and in President Clinton’s cabinet as Commerce secretary.
A Morgan Stanley representative confirmed the departure but declined any further comment, including about whether the firm would look to bring in a new banker or whether it planned to elevate a banker internally to lead the Chicago office.
Goldman ranked fifth among senior managers in the Midwest last year leading 22 deals valued at $4.5 billion. Morgan Stanley ranked 10th leading 31 deals valued at $2.6 billion, according to data from Thomson Reuters.