Goldman Sachs Group has appointed Elizabeth Overbay as the new CFO of its asset and wealth management division, which manages $3.1tn in assets.
Overbay will be succeeding Thomas Manetta, who is transitioning to a role within the bank’s human resources (HR) team, focusing on corporate compensation.
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Overbay, who currently holds the position of CFO at Goldman Sachs Bank USA, has a dual role as the CFO at the bank’s consumer effort, Platform Solutions.
Goldman Sachs is intensifying its focus on asset and wealth management, aiming to diversify beyond its traditional markets and banking operations.
The division, led by Marc Nachmann, is not only managing a vast pool of assets but is also venturing into private markets through direct investing and lending via the bank’s own funds.
As Goldman Sachs reassesses its consumer strategy, it is exploring the sale of its card partnership with Apple, with potential interest from competitors such as JPMorgan Chase & Co.
This move is part of a shift in the bank’s focus towards more stable revenue streams.
Last month, Goldman Sachs’ asset & wealth management division reported $16.14bn in net revenue for 2024, a 16% increase from 2023.
The growth was driven by higher net revenues in equity investments, increased management fees, and better performance in private banking, lending, and incentive fees.
