Goldman Promotes Kim Posnett, Tammy Kiely to Senior Roles

(Bloomberg) -- Goldman Sachs Group Inc. is promoting two women to senior leadership roles in its technology, media and telecom investment banking unit -- a move it hopes will cement its position as the most diverse tech banking team on Wall Street.

Kim Posnett, global head of internet investment banking, will also become co-chief operating officer of the bank’s global TMT banking unit alongside Jung Min, who has been co-leading the bank’s efforts in that unit in Asia. Tammy Kiely, global head of semiconductor investment banking, is also adding the role of co-head of global technology investment banking with Ryan Limaye.

The promotions come six months after Goldman Sachs Chief Executive Officer David Solomon announced a plan to increase diversity amid a broader Wall Street push for greater female representation. Solomon’s targets include hiring women for half of all analyst and entry level associates positions. About 17% of the firm’s partners are women.

“We have the most diverse TMT team on the street,” said Nick Giovanni, who will become sole head of global TMT investment banking. “We have 20 women in managing director and vice president roles, which we think is multiples higher than some of our competitors.”

Goldman Sachs, leading the mergers and acquisitions league tables this year with a market share of 38%, has only missed out on the top position once since 2010, according to data compiled by Bloomberg. It’s also the top-ranked adviser in global technology M&A.

Posnett, based in New York, attributes the success largely to teamwork, highlighting that most of the partners in the unit have worked together for more than 15 years.

“It’s hard to quantify how impactful and powerful that is in terms of efficiency, communication, transparency and our clients notice it,” Posnett, 42, said.

Posnett, who has three children under three years old, has led the bank’s work on some of its most high-profile initial public offerings. Her clients include EBay Inc., Amazon.com Inc. and Wayfair Inc.

“Kim is always there -- she traveled even when she was pregnant,” said Devin Wenig, chief executive officer of EBay. “Sometimes East Coast bankers don’t show up, but not Kim. She is really invested in the relationship and we trust her.”

One-third of the bank’s managing directors on the internet team are female while more than two-thirds of the vice presidents are women.

“That’s more than I have ever seen in the pipeline in my time at the firm and they all have the opportunity to become partner some day,” Kiely said.

Kiely, 48, said when she started as an investment banker there were few women with children in client-facing roles.

Kiely, a mother of two, has led some of the biggest semiconductor deals in recent years from Silicon Valley. Clients include Qualcomm Inc., Intel Corp. and Nvidia Corp.

“It doesn’t have anything to do with her being a woman,” said Colette Kress, Nvidia’s chief financial officer. “She knows her stuff, We’re trying to work with bankers who understand who we are, our strategic outlook and how M&A fits into that.”

To contact the reporters on this story: Liana Baker in New York at lbaker75@bloomberg.net;Nabila Ahmed in New York at nahmed54@bloomberg.net

To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks

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