Kim Posnett just became the youngest solo head of Goldman Sachs' investment-banking services group, which has served as a launching pad for some of the bank's high-profile executives

  • The investment-banking services unit at Goldman Sachs has been taken over by Kim Posnett, 43, the youngest and first woman to be solo leader of the group in its history.
  • Posnett previously served as a co-head of the team, which specializes in generating new client opportunities for the IBD.
  • The unit has become a key sector within Goldman's IBD, and has served as a breeding ground for high-profile executives.
  • Prior to becoming co-head of investment-banking services, Posnett had been the co-COO of the global technology, media, and telecommunications (TMT) group.
  • A reshuffle of TMT leadership this week — which saw IBD services co-head Matt Gibson transition to a new job as global co-head of TMT — created the pathway for Posnett to helm the IBD services group independently.
  • Visit Business Insider's homepage for more stories.

As high-level moves inside the investment-banking division at Goldman Sachs continue to unfold, the bank has appointed its youngest solo head of a group that's created some of Goldman's most well-known leaders. 

Kim Posnett, 43, has become the youngest solo head of investment-banking services at Goldman Sachs, Insider has confirmed. She previously was co-head of the team, and first woman to do so, serving alongside Matt Gibson.

On Thursday, Gibson was elevated to global co-head of Goldman's technology, media, and telecommunications (TMT) advisory group, along with Sam Britton after former head Nick Giovanni departed for Instacart.

Posnett will continue to be based in New York.

Read more: Read the full memo naming the new co-heads of Goldman Sachs' powerhouse tech team as top dealmaker Nick Giovanni exits

At Goldman, the investment-banking services division works with clients across all verticals, from tech to industrials. The group specializes in generating new client opportunities for the IBD, and produces innovative solutions, such as leveraging loyalty programs to raise debt, to serve existing clients at the bank.

The unit has become a key sector within the IBD, and one that's steeped in Goldman lore.

The origins of the group date back to the mid-20th century, when then-partner John Whitehead — who would later become co-chairman of the firm and ultimately deputy US Secretary of State under the Reagan administration — proposed separating roles within the IBD between those individuals who marketed services to clients, and those who handled the day-to-day practice of servicing the clients once they had come onboard, according to an explanation on Goldman's website. 

The team has also been known to be a breeding ground for future high-profile executives. John Waldron, Goldman's president, previously ran the unit. 

Throughout the course of her career at Goldman, Posnett has advised a bevy of top-shelf tech clients, including Etsy, Pinterest, eBay, and Uber, among others.

She got her start with the firm in 2005, the same year that she graduated with an MBA from the Wharton School of Business at the University of Pennsylvania. Prior to Wharton, Posnett attended Yale University, where she earned a bachelor's degree in history in 1999, according to her LinkedIn page.

Prior to becoming co-head of investment-banking services, Posnett had been the co-COO of the global technology, media, and telecommunications (TMT) group, one of Goldman's highest-profile investment-banking units.

Going forward, Posnett will also continue to serve as one of the most senior tech bankers at the firm. She has advised a spectrum of clients on activities ranging from the announced sale of Uber's self-driving unit to Aurora, which was announced in December 2020; to Pinterest's IPO in 2019; to Etsy's IPO in 2015, among a variety of other deals.

Bloomberg first reported in September that Posnett was named the new co-head of investment-banking services alongside Gibson. The announcement made her the first woman to hold that position.

She was 42 years old at the time, Bloomberg reported, making her the youngest person to hold that position in the group's history. 

See more: Goldman Sachs' Sam Britton expects more 'dream deals' like Salesforce-Slack in 2021, and reveals the next hot M&A ideas

Giovanni heading to Instacart isn't the only high-profile Goldman exit. In November, Gregg Lemkau, co-head of the firm's investment banking division since 2017 and a member of Goldman's management committee, announced he would leave at the end of 2020.

Lemkau is heading to Michael Dell-backed MSD Partners, where he will be CEO of an investment firm that manages more than $15 billion in assets. The global IBD group is now run by co-heads Dan Dees and Jim Esposito.

Get the latest Goldman Sachs stock price here.

Source: Read Full Article