(Bloomberg) -- Tammy Kiely, the senior Goldman Sachs Group Inc. banker who almost left for Morgan Stanley earlier this year, is getting a promotion.

Kiely will co-head a unit with Kim Posnett that maintains client relationships in a crucial part of the dealmaking universe: the technology, media and telecom sector, according to a spokesman for the bank. The executive in May reneged on an agreement to jump to Morgan Stanley, where she was to become global head of the semiconductors and auto-technology group.

Goldman has been revamping Kiely’s unit this year, adding a New York-based head and hiring a dealmaker from JPMorgan Chase & Co., Kurt Simon, as co-chairman. The team has as many as 15 partners, Goldman’s highest title, underscoring its significance in the wider investment-banking operation.

Dan Dees, the San Francisco-based head of the TMT group, is seen internally as one of the likely contenders to run all of investment banking if a vacancy opens.

Investment banking is a key source of revenue at both Goldman Sachs and Morgan Stanley and the two often duke it out for top rankings. In the tech and media industry, Goldman held the No. 1 position for completed deals last year, according to data compiled by Bloomberg.

Kiely, who joined Goldman Sachs from KPMG LLP in 1999, was named partner in 2014. She was one of the advisers to Qualcomm Inc. as it explored a $117 billion deal with Broadcom Ltd. earlier this year, a transaction that was later blocked by the Trump administration.

--With assistance from Sonali Basak.

To contact the reporter on this story: Sridhar Natarajan in New York at snatarajan15@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net, Steve Dickson, Steven Crabill

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