[ad_1]
(Bloomberg) — Goldman Sachs Group Inc. promoted high personal wealth-management govt Meena Flynn to co-lead its One Goldman Sachs initiative, a transfer that underscores the Wall Road big’s effort to construct out providers focusing on the world’s ultra-wealthy.
Flynn, who serves as international co-head of personal wealth administration, will moreover run One Goldman Sachs alongside co-head Sam Morgan, based on a memo to employees seen by Bloomberg Information. Flynn succeeds Kim Posnett, who has held the position since 2021 and can proceed in her place as international head of the expertise, media and telecommunications group inside international banking and markets.
The financial institution has been increasing its One Goldman Sachs initiative, an effort that started as a pilot program in 2019 to interrupt down silos between product strains and improve collaboration inside its companies to offer a extra streamlined service to shoppers. The initiative is “extremely accretive” to a number of elements of its enterprise, the financial institution mentioned in its 2022 annual report.
Meena Flynn
“The success of One Goldman Sachs up to now has largely been banking and markets pushed, which has been crucial for the agency,” Goldman Sachs President John Waldron mentioned in an interview. “However this new iteration is about attempting to enhance the synergies between banking and markets, and asset and wealth administration. We’re including Meena as a result of she displays our funding in asset and wealth administration.”
Flynn, who can be a member of the working group for wealth administration, is considered one of solely a handful of feminine executives who run a revenue-producing unit on the firm. Beth Hammack, as soon as seen as a best choice to grow to be the following chief monetary officer, is leaving after 30 years on the Wall Road big, folks with information of the matter mentioned earlier this month.
Learn Extra: Goldman’s Beth Hammack, Set to Crack Prime Ranks, Is Leaving
Goldman is searching for to broaden its personal wealth-management unit as a part of a technique outlined by Chief Govt Officer David Solomon to make it much less reliant on risky buying and selling income. The asset- and wealth-management division posted income of $4.39 billion within the fourth quarter, up 23% from a yr earlier.
“The flexibility to attach inside the division and throughout the agency will higher serve our shoppers in a large number of how,” Flynn mentioned in an interview. “It’s about scale of the infrastructure, training after which execution.”
Flynn mentioned she plans to collect suggestions from throughout the agency about what’s working and what’s not, after which educate folks in order that they perceive the varied options the financial institution has to supply.
Flynn, who joined the New York-based firm in 2000, was named managing director in 2008 and companion in 2014. She will even proceed in her position co-leading the One Goldman Sachs Household Workplace initiative within the Americas, based on the memo.
“Meena is a long-standing senior companion of the agency — we at all times considered her as a really efficient client-centric individual,” Waldron mentioned. “She did an distinctive job driving the household workplace initiative and he or she’s the right individual for this initiative.”
[ad_2]