Goldman Sachs names Nishi Somaiya new global head of private banking

Goldman Sachs Group Inc has named insider Nishi Somaiya its new global head of private banking, lending and deposits, according to an internal memo seen by Reuters on Tuesday.

The appointment comes at a time when Wall Street's biggest investment banks are trying to expand business lines like asset and wealth management, which generate a steady income, to offset a downturn in their mainstay market-sensitive units.

Somaiya joined the Wall Street giant in 2001, was named managing director in 2011, and partner in 2016.

She most recently held the position of global co-head of growth equity at the bank.

Previously, she ran the Private Capital business within the European Special Situations Group, focusing on middle-market lending and growth equity.