Stephanie Cohen, an funding banking star who was as soon as regarded as a candidate to turn into the primary feminine CEO of Goldman Sachs, introduced Monday she is leaving after a 25-year profession on the agency – becoming a member of an exodus of ladies on the beleaguered Wall Avenue big in latest months.
Cohen, who was employed by Goldman Sachs in 1999 and was named accomplice in 2014, will go away her submit as head of the financial institution’s Platform Options division to take up the chief strategist place at Cloudfare, a San Francisco-based tech agency.
Cohen’s departure, which was first reported by The Wall Avenue Journal, flies within the face of professed claims by Goldman CEO David Solomon to advertise extra ladies to senior positions on the financial institution.
Cohen, who joined the financial institution as an analyst in 1999 and was given the distinguished accomplice rank in 2014, was most just lately accountable for the financial institution’s shopper platforms, an inner memo confirmed. REUTERS
Goldman’s popularity as a boys membership was additional bolstered final Might when the financial institution agreed to pay $215 million to settle a category motion lawsuit filed greater than a decade in the past by feminine staffers who alleged gender-based pay discrimination in addition to sexual harassment.
Solomon is scheduled to host a number of ladies companions for a dinner on Monday throughout which it’s anticipated that they’ll talk about the dearth of females on the financial institution’s higher echelons, the Journal reported.
Final week, the Journal printed findings of an evaluation which indicated that round two-thirds of ladies who made accomplice by the tip of 2018 have been not with the agency.
By comparability, just below half of males who made accomplice at across the similar time have since left Goldman, in keeping with the evaluation.
Beth Hammack, one in every of Goldman’s most prolific merchants in her three many years on the financial institution, was just lately handed over for the chief monetary officer place, which went to Denis Coleman.
Final 12 months, Dina Powell McCormick, the previous Trump administration official and veteran govt at Goldman Sachs, left the agency to assist run BDT & MSD Companions, a service provider financial institution based by two different ex-Goldman stars Byron Trott and Gregg Lemkau.
Not one of the executives who’re thought-about credible candidates to in the future succeed Solomon are ladies.
Cohen had taken a go away of absence in June. Reuters
Of the eight govt officers at Goldman, simply two are ladies, although each of these positions are in nonrevenue producing divisions (authorized and accounting).
In June, The Submit reported that Cohen, 46, was taking a go away of absence and that it was unclear whether or not she could be returning to Goldman.
On the time, a Goldman spokesperson dismissed ideas that Cohen’s go away could be everlasting, telling The Submit: “That is 100% unfaithful.”
Tony Fratto, Goldman’s head of communications, advised The Submit in June that Cohen was “taking a while away from work to give attention to her household and Goldman Sachs fully helps her on this determination.”
“She shall be returning to Goldman Sachs,” Fratto added. “To recommend anything is totally inaccurate and is counting on hypothesis from people who find themselves in no place to know.”
REUTERS
The corporate modified its tune Monday.
In a memo circulated to workers, Solomon wrote: “Please be a part of me in thanking Stephanie for her excellent contributions to the agency, our shoppers and our folks, and in wishing her and her household the perfect for the years forward.”
A supply with information of the scenario advised The Submit that the intention was for Cohen to finally return to Goldman.
In 2017, Cohen was promoted to chief technique officer at Goldman. Three years later, she was picked to co-head the patron and wealth administration unit – one of many few ladies to steer a serious division throughout the financial institution.
However Goldman’s foray into shopper banking, which included a partnership with Apple in addition to an ill-fated acquisition of fintech agency GreenSky, proved disastrous.
Throughout Cohen’s go away, Goldman offered off GreenSky, taking a major write-down. Goldman and Apple have additionally introduced plans to unwind their joint bank card enterprise.
In 2017, Cohen was promoted to chief technique officer at Goldman. Three years later, she was picked to co-head the patron and wealth administration unit – one of many few ladies to steer a serious division throughout the financial institution. Getty Photos
Cohen advised Enterprise Insider on Monday that in her sabbatical she discovered herself gravitating towards a profession in tech.
“I simply bought to this place the place it was, ‘I wish to do that for actual,’” Cohen advised the location.
“That is what I wish to do. I don’t need know-how to be simply part of it; I need it to be what I do.”
Cohen will function Cloudfare’s first chief technique officer – a job that can have her relocate to Utah, in keeping with Enterprise Insider.
Cohen is not any stranger to Utah. Through the coronavirus pandemic, she remoted herself within the space after coming down with a case of lengthy COVID.
Solomon praised Cohen for having “demonstrated a deep dedication to our tradition and our folks, investing important time in mentoring and coaching our groups throughout all ranges and geographies.”