(Bloomberg) — Goldman Sachs Group Inc. named Elizabeth Overbay the chief financial officer of its critical $3.1 trillion asset and wealth management division.
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Overbay succeeds Thomas Manetta, who will join the bank’s human resources team overseeing corporate compensation, according to a memo to staff seen by Bloomberg News.
Overbay is currently CFO of Goldman Sachs Bank USA and holds that role, plus the role of chief operating officer, at the bank’s consumer effort Platform Solutions. Goldman has retreated from that retail expansion after it racked up losses.
The bank is making a big push into asset and wealth management as it grows beyond its traditional markets and banking business. It’s seeking to compete with buyout giants by investing and lending in private markets through its own funds. The business, run by Marc Nachmann, oversees $3.1 trillion in assets.
As part of its consumer retreat, Goldman is looking to shed its card partnership with Apple Inc. Rival JPMorgan Chase & Co. was among possible buyers of its portfolio, Bloomberg News reported in September.
Overbay was also previously CFO of the bank’s investment banking division, after joining that unit as an analyst. She was named a partner last year.
Manetta’s new role is particularly relevant as Goldman grows its bankers’ access to its own investments. In January, the bank announced top executives would receive carried interest from some of Goldman’s private equity funds.
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