Goldman Sachs Said to Hold Board of Directors Meeting in Germany

Jul 16, 2014 11:39 pm ET

July 17 (Bloomberg) -- Goldman Sachs Group Inc., which said a jump in European deals helped it post record underwriting revenue in the second quarter, is holding its board of directors meeting this week in Germany, the Continent’s largest economy.

Chairman Lloyd C. Blankfein and the other directors are traveling to Frankfurt and Berlin, according to two people briefed on the trip who requested anonymity because the details weren’t public. The board met with Bundesbank President Jens Weidmann yesterday and will meet with other top German officials this week, one of the people said.

Goldman Sachs’s 13-member board of directors has typically held a meeting annually outside of the U.S., traveling in past years to Brazil, Russia, India and China. The New York-based bank opened its office in Frankfurt in 1990, the year that Germany last won the World Cup soccer tournament before taking the title again this week in Brazil. The firm’s analysts predicted in May that Brazil would win.

Goldman Sachs was the second-ranked underwriter of equity offerings in Europe, the Middle East and Africa, behind Deutsche Bank AG, according to data compiled by Bloomberg. It advised Volkswagen AG, Europe’s largest carmaker, on its takeover of truck producer Scania AB, the second-largest deal this year involving a German company.

Monika Schaller, a spokeswoman for Goldman Sachs, declined to comment on the trip and whether board members would meet with German Chancellor Angela Merkel.

--With assistance from Stefan Riecher in Frankfurt and Jan Dahinten in Singapore.