Automation, digital connectivity and broader adviser demand have propelled Goldman Sachs to the top of the US issuer rankings and fourth globally in 2026.
Goldman Sachs has climbed to fourth place in SRP's global issuer rankings in 2026, increasing its global market share from 3.18% in 2025 to 5.8% year-to-date.
Being able to help our clients navigate the uncertainty and find solutions to monetize their views is at the core of what we do – Dolapo Lawal
In its home market the US, it is the number one issuer in 2026 to date, with an 18% share of issuance on the back of 4.3K products marketed worth US$22.3 billion.
According to SRP data, the investment bank currently has 1,929,803 live structured products globally and remains one of the leading issuers in markets including Switzerland, Hong Kong SAR, France, Taiwan and Italy.
Speaking to SRP, Dolapo Lawal (pictured), Goldman Sachs' head of Americas Private Investor Product Group (PIPG), said the US structured notes market is on track for another record year.
"We process thousands of quotes a day, compared with hundreds around five years ago. Our SEC filing frequency is up approximately 80% year-over-year."
Lawal said Goldman currently accounts for around 20% of the US structured notes market and expects the broader market to exceed US$200 billion in issuance during 2026.
The growth has been supported by continued investment in technology designed to improve the speed and efficiency of the issuance process.
"We have significantly expanded our automated pricing capabilities, enabling advisers to request quotes through APIs and fintech platforms while reducing turnaround times across ideation, pricing, documentation and lifecycle management," Lawal told SRP.
Goldman has also focused on streamlining execution and post-trade services with “incremental improvements on the executions side such as reducing quote-cycle times by a few minutes, shaving hours off index publishing schedules and giving clients tools to call indicative prices directly”.
The bank has also broadened its digital capabilities through its Marquee platform, which provides data, analytics and execution tools to institutional and corporate clients.
“We've also expanded digital connectivity through our Marquee platform, enabling clients to access pricing, market research, and execution capabilities online rather than solely by phone or email,” said Lawal, adding that demand has expanded across adviser channels rather than being driven by a single client segment.
“We primarily work with financial advisors and financial intermediaries. Our team setup for structured notes coverage has not changed much over time. We've seen growth across channels and wrappers (Independent BD, RIA, PB).”
Beyond registered notes
That growth has also extended beyond SEC-registered issuance “to other wrappers including CDs and private placement offerings, where we have seen significant demand year-over-year as well”.
On the investment side, Goldman is seeing client preferences become increasingly differentiated as investors look beyond the narrow group of mega-cap technology companies that have dominated markets in recent years.
"We've started to see clients who are expecting more dispersion in the returns of some individual names, sectors, and asset classes, going forward,” said Lawal. “A lot of the dynamics that broadly lifted equity markets over the last decade may not hold, and some clients want to be positioned for that.”
According to Lawal, this is translating into greater demand for diversification.
“The years of concentration around a handful of mega-cap and AI names since 2020 appears to be giving way to greater interest in diversification.”
Among the themes attracting attention are energy companies, metals and selected software names, while investors are also showing increasing interest in rate-linked structures.
"We've also seen growing demand for interest rate-linked structures, including CMT- and swap-based offerings," Lawal said.
Persistent inflation concerns are also influencing product selection, with advisers seeking solutions capable of delivering higher nominal yields while monetising elevated market volatility.
Despite ongoing market uncertainty, Lawal noted that weaker equity markets have often proved supportive for issuance activity.
“Over the past year, some of our highest issuance months were actually months where we saw equity weakness,” he said. “Being able to help our clients navigate the uncertainty and find solutions to monetize their views is at the core of what we do – it is rewarding to see come together.”
Looking ahead, Lawal expects advisers to become increasingly systematic in how they allocate to structured products.
“Clients are increasingly taking a more systematic approach to buying notes themselves. They define in advance what market conditions and note terms they are looking for, rather than requesting ad-hoc quotes,” he said.
At the same time, Lawal believes a recovery in IPO activity could broaden the universe of underlying assets available for structured products, although established large-cap equities and indices are likely to remain the backbone of issuance for the foreseeable future.
Do you have a confidential story, tip or comment you’d like to share? Contact Us | SRP (structuredretailproducts.com)