(Bloomberg) -- Goldman Sachs Group Inc. named John Mallory and Meena Flynn as co-heads of global private wealth management, a business that’s key to the bank’s aim to diversify revenue streams beyond its core strengths of dealmaking and trading.
The changes take effect Jan. 1, the firm said in a memo Wednesday. Mallory is currently head of Americas Private Wealth Management, while Flynn leads the global Markets Solutions Group.
“We look forward to working with John and Meena to grow our global PWM franchise,” Tucker York and Stephanie Cohen, the recently named co-heads of the consumer and wealth-management division, said in the memo.
Goldman has sought to broaden the range of clients it targets with its wealth-advisory services. While private wealth management focuses on the ultra-high-net-worth segment, including individuals as well as families and foundations, it also caters to the high-net-worth crowd through its Ayco business and through the recently re-branded Goldman Sachs personal financial management division.
Other promotions in the consumer and wealth-management division announced by York and Cohen include:
- Irfan Hussain, global chief information officer.
- Stephanie Smith, global head of operations.
- Zeeshan Razzaqui, global chief operating officer.
- Craig Singer, global chief financial officer.
- Kerryann Benjamin, global human capital management business partner.
--With assistance from Sridhar Natarajan.