Goldman Sachs Group Inc. promoted prime non-public wealth-management govt Meena Flynn to co-lead its One Goldman Sachs initiative, a transfer that underscores the Wall Road large’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 know-how, 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 enhance collaboration inside its companies to offer a extra streamlined service to shoppers.

The initiative is “extremely accretive” to a number of components of its enterprise, the financial institution stated in its 2022 annual report.

“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 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 also be a member of the working group for wealth administration, is one in every 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 subsequent chief monetary officer, is leaving after 30 years on the Wall Road large, folks with data of the matter stated earlier this month.