Goldman Sachs is building an internal family office division to cater to the wealth needs of its top executives, reported Bloomberg.
Dubbed Goldman Sachs Partner Family Office, the unit provides a spectrum of wealth management services to the company’s current and former partners and managing directors.
The bank has appointed its engineering division COO Lisa Opoku to manage the internal family office business, according to a memo seen by the new agency.
Opoku, who has been with Goldman for over two decades, served key roles including as COO of securities and fixed income, currency and commodities in Hong Kong, London and New York.
According to the memo, she will manage various adviser groups working in several segments of Goldman executives and alums, with the aim of serving clients ‘more holistically’.
A spokesperson Goldman Sachs confirmed the contents of the memo but did not comment on the news.
The move comes at a time when the investment bank is paying handsome sums in a bid to retain employees amid an increasing competition for talent among Wall Street firms.
Goldman Sachs CEO David Solomon’s pay doubled to $35m in 2021, while compensation for some of the bank’s top performers during the year is said to go up over $30m.
Furthermore, many of Goldman’s former partners are said to serve in high positions in both business and policy and earning lucrative pays.
Meanwhile, Goldman Sachs Group reported a nearly 13% drop in Q4 2021 profit as operating expenses soared amid weak trading activity.
The investment bank’s net earnings totalled $3.94bn in the three-month period to 31 December 2021, compared with $4.36bn recorded in the same quarter a year ago.