NEW YORK - Goldman Sachs Group named Peter Kraus as co-head of its wealth management business last week in a move viewed by those in the company to put more emphasis on the private client business.
Mr. Kraus was most recently head of the financial institutions practice in Goldman's investment banking group. He will be succeeded in that role by Chris Cole.
Phil Murphy, who has been the sole head of wealth management at Goldman for the past two years, is the other co-head. Mr. Murphy and Mr. Kraus have been assigned to integrate the firm's existing private client operations with a year-old online venture aimed at capturing business from wealthy individuals who want access to their accounts and other wealth management services through the Internet.
A spokeswoman said that integrating the existing business and the online unit could result in jobs being cut, though many employees would be offered positions elsewhere in the company.