What You Must Know
- Flynn, who serves as world 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 offer extra streamlined providers to purchasers.
- It additionally needs to spice up its non-public wealth-management outcomes and turn into much less reliant on risky buying and selling income.
Goldman Sachs Group Inc. promoted high non-public wealth-management government 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 world co-head of personal wealth administration, will moreover run One Goldman Sachs alongside co-head Sam Morgan, in response to a memo to workers seen by Bloomberg Information.
Flynn succeeds Kim Posnett, who has held the position since 2021 and can proceed in her place as world head of the expertise, media and telecommunications group inside world 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 offer a extra streamlined service to purchasers.
The initiative is “extremely accretive” to a number of components of its enterprise, the financial institution mentioned 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 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,” he added.
Flynn, who can also be a member of the working group for wealth administration, is one among 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 turn into the subsequent chief monetary officer, is leaving after 30 years on the Wall Road big, individuals with data of the matter mentioned earlier this month.