The architect behind some of 2025’s biggest consumer deals just got a major promotion.
Goldman Sachs (GS) has named Ben Frost as the new Chairman of Investment Banking. Frost, who joined the firm as a partner in 2018, previously co-headed the Global Consumer Retail Group, a franchise that has ranked #1 globally for the last five years.
🏆 THE DEAL TRACK RECORD: Frost’s elevation follows a banner year where he steered two of the sector’s largest transactions:
- The $50 Billion Mega-Merger: Advised Kenvue (maker of Tylenol/Band-Aid) on its acquisition by Kimberly-Clark.
- The Take-Private: Advised Sycamore Partners on its ~$24 billion purchase of Walgreens Boots Alliance.
👥 THE NEW LEADERSHIP: With Frost moving up, the Consumer Retail Group gets new global co-heads:
- Cosmo Roe: A Goldman veteran since 2007, previously Global Head of Luxury, Beauty & Consumer Tech.
- Milan Hasecic: Joined in 2017, currently Head of Consumer Retail for EMEA.
💡 ANALYST TAKEAWAY: This move reinforces Goldman’s strategy of rewarding “super-producers.” By elevating Frost to Chairman, the firm keeps a rainmaker focused on high-level client relationships across the broader franchise, while passing the operational baton to Roe and Hasecic. It also signals that despite a volatile market, the “Consumer” sector remains a critical revenue engine for the firm.
👇 IB Pros: Does the “Chairman” title fundamentally change a banker’s day-to-day, or is it primarily about senior client access?