Feb. 3 (Bloomberg) -- Goldman Sachs Group Inc., the fifth-largest U.S. bank by assets, named Dina H. Powell, who leads the firm’s charitable efforts, to also head its urban investment group that makes socially minded deals.
Powell will retain her role as head of the office of corporate engagement and join the management team of the bank subsidiary, according to an internal memo sent by Goldman Sachs Chief of Staff John Rogers and Esta Stecher, the head of Goldman Sachs Bank USA.
Powell has helped Goldman Sachs develop its 10,000 Small Businesses initiative that provides training and loans to entrepreneurs. The urban investment group, or UIG, has created the Goldman Sachs Social Impact Fund, which provided financing to a program announced last week to cut recidivism among youth in Massachusetts.
“UIG has evolved its mission to focus on impact investing, deploying more than $3 billion in loans and equity investments to revitalize neighborhoods and support underserved communities,” Rogers and Stecher wrote in the memo. “More recently, UIG has led the way in developing creative market-based solutions to help address significant economic and public policy challenges.”
Powell joined New York-based Goldman Sachs in 2007 and was named a partner in 2010. She previously served as U.S. assistant secretary of state for educational and cultural affairs in George W. Bush’s administration.
Powell’s expanded duties were reported earlier today by the New York Times.
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