March 7, 2019 / 3:25 PM / 4 months ago

MOVES-Goldman Sachs investment management division COO to retire

NEW YORK, March 7 (Reuters) - Goldman Sachs Group Inc said on Thursday that Deborah Leone, the chief operating officer of its investment management division, will retire at the end of March after nearly 30 years at the U.S. bank.

Leone, who took the role in mid-2017, was a key leader in the group after it was split off from the trading business and merged with Marcus, Goldman’s digital bank, to create the consumer and investment management business in late 2018.

The investment management division has around $2 trillion in assets under supervision, up from $1 trillion in 2014. Overall, the business contributes about 20 percent of the firm’s revenues.

The division includes a private bank for ultra-rich individual clients and asset management for pension funds, insurers and other institutional clients.

Leone’s retirement was announced in a memo sent to employees Thursday by Timothy O’Neill and Eric Lane, investment management division global co-heads.

“Her strategic thinking and broad technical skill set have been critical to both the growth and risk management of the firm,” O’Neill and Lane wrote in the memo.

Leone joined the bank in 1989, and was named partner in 2008. Prior to taking the COO job, she was the global head of internal audit and global head of the investment management division’s controllers.

A member of Goldman Sachs Bank USA’s board of directors, Leone will become an advisory director at the end of March, according to the memo.

It was not immediately clear who will be named as her replacement.

Reporting by Elizabeth Dilts; Editing by Jeffrey Benkoe

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