Finance

Credit is responsible for protecting the firm's capital.

To do this, the division determines risk appetite by analyzing the business and financial profile of each of our counterparties in the financial markets. We also act as a credit rating advisor for our investment banking clients.

Credit's primary offices are located in New York, London, Hong Kong and Tokyo.

This group consists of two departments: Credit Risk Management and Advisory and Bank Debt Portfolio Group/Global Special Assets Group.

Credit Risk Management and Advisory
Understanding the credit quality of corporations, financial institutions and governments worldwide is an essential aspect of Goldman Sachs’ ability to protect its capital and be an effective financial intermediary. The Credit department's in-depth knowledge of our clients, markets and trading products—and our resulting decisions on risk tolerance—are crucial to the firm.

Credit leverages its extensive expertise in financial, credit and risk analysis to provide astute and objective judgments to the firm and its clients, in either a transactional or advisory capacity. Goldman Sachs is one of the few firms on Wall Street to house both the counterparty credit risk management as well as rating agency advisory for Investment Banking clients in one department. Since Credit has been structured to work closely with almost every division of the firm, its professionals gain diverse financial experience and a broad perspective on how the firm functions as a whole. Our unique position keeps us at the forefront of the firm's strategic developments, and the interaction with numerous divisions and the diverse projects that ensue allow for a challenging, varied and multi-dimensional work experience.

Responsibilities

Credit Risk Management:

• Assess the credit and financial strength of the firm’s trading counterparts to determine acceptable levels of credit exposure 
• Analyze the risks inherent in the products Goldman Sachs trades, including increasingly complex derivative transactions 
• Coordinate with Sales & Trading, Legal, Operations and Compliance departments to ensure appropriate documentation, limits and risk mitigants to protect against a counterpart default and minimize potential losses 
• Monitor, manage and report exposures at a counterpart, product and portfolio level

Strategic and Ratings Advisory: 

• Evaluate the creditworthiness and likely debt ratings of corporations, financial institutions and sovereign governments worldwide 
• Analyze the credit implications of various financial transactions including debt, equity and hybrid offerings, mergers and acquisitions, leveraged buy-outs (LBOs), restructuring and share repurchases 
• Communicate analysis to prospective issuers as well as our Investment Banking and Financing Group areas 
• Advise Investment Banking clients in approaching the credit rating agencies to obtain, maintain or improve ratings
  - Work directly with clients to help determine optimal capital structures for various transactions
  - Provide insight into anticipated rating agency focal points, both qualitative and quantitative
  - Work closely with clients to prepare written and verbal presentations for initial or update meetings
  - Develop a rapport with rating agency analysts and advocate and negotiate on behalf of our issuing clients
  

Bank Debt Portfolio Group/Global Special Assets Group, both joint ventures between Goldman Sachs' Financing Group and Credit Department, help to bridge the firm's origination, advisory, sales and trading, and credit risk considerations. Bank Debt Portfolio’s primary responsibility is for the ongoing management of non-investment-grade loans arranged and/or agented by Goldman Sachs. Global Special Assets is responsible for the workouts and restructurings of leverage loans, certain GS proprietary investments and derivative positions. Bank Debt Portfolio’s primary responsibilities include: 

• Portfolio management and credit analysis 
• Posting internal and external clients on borrower performance/developments 
• Structuring and executing amendments, waivers and refinancing for portfolio credits 
• Supporting other client service initiatives with portfolio