Goldman shakes up prized tech banking team Goldman Sachs has shaken up its prized technology investment banking team, which landed the lucrative and high-profile Twitter initial public offering but has seen some fractious relations between its bankers. George Lee is moving from co-head of the technology, media and telecoms practice to chairman and adding the title of chief information officer for the investment banking division. He is being replaced by Dan Dees, co-head of investment banking in Asia. With Anthony Noto, the other co-head, Mr Lee was part of a sometimes uneasy double act that nonetheless succeeded in challenging Morgan Stanley for supremacy in the fiercely competitive sector. After losing the fight with Morgan Stanley to be the lead underwriter on the Facebook IPO in 2012, the Goldman team redoubled its efforts and enjoyed a string of victories over the traditionally dominant Morgan Stanley team, culminating in taking the top spot on the Twitter IPO in November. TMT has been a source of turf battles at Goldman for the past few years, according to people close to the situation. Previously, there were three leaders in that area, including Ken Hitchner, who is known as a good manager and is now president of Asia-Pacific. Together, Mr Hitchner, Mr Lee and Mr Noto were known by some internally as the "three-headed monster." But the most obvious tension was between Mr Lee, who worked out of the San Francisco office, and Mr Noto, who was based in New York and rejoined the bank in 2010. There was internal competition for credit for landing high-profile assignments, such as the Facebook and Twitter IPOs, and M&A deals. Some bankers considered leaving the TMT group because of the difficult atmosphere, according to people close to the situation. However, two people familiar with the situation said there was no bad blood between the two co-heads. We have been great friends for 15 years. We have lived through the ups and downs of the tech sector since 1999 and I would want George in my foxhole in any battle," said Mr Noto, who studied at the United States Military Academy at West Point. He said the reshuffling was to bring in more resources and allow Mr Lee to concentrate on improving the way bankers used technology to win business. This is about adding to the team. This is about capturing even more market share," he said. Among the priorities for the group, he said, is adopting and developing new applications to get information securely and quickly to bankers on the ground. "We need to get technology deployed at the banker level," he said.