What You Have to Know
- Flynn, who serves as international co-head of personal wealth administration, will even run the One Goldman Sachs initiative.
- The financial institution has been increasing this program to interrupt down silos between product traces and improve collaboration to supply extra streamlined companies to purchasers.
- It additionally needs to spice up its personal wealth-management outcomes and grow to be much less reliant on risky buying and selling income.
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 Avenue large’s effort to construct out companies concentrating 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, in line with 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 know-how, 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 traces and improve collaboration inside its companies to supply a extra streamlined service to purchasers.
The initiative is “extremely accretive” to a number of elements of its enterprise, the financial institution stated in its 2022 annual report.
“The success of One Goldman Sachs prior to now has largely been banking and markets pushed, which has been essential for the agency,” Goldman Sachs President John Waldron stated in an interview.
“However this new iteration is about making an attempt 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,” he added.
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 Avenue large, folks with data of the matter stated earlier this month.