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Goldman Sachs Continues to Simplify With Personnel Moves

By Bram Berkowitz – Updated Sep 30, 2020 at 11:22AM

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CEO David Solomon promoted Stephanie Cohen to co-lead a division at the bank and plans to consolidate asset management operations.

Goldman Sachs (GS -0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.

The news, which multiple media outlets reported, makes Cohen the first woman to run a division at the bank since 2018, according to CNBC. Tucker York, who previously worked in the private banking division of Goldman, will co-head the division with Cohen.

Goldman is also changing the head of its digital bank Marcus, which offers high-yield savings accounts, among other products.

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Harit Talwar will step down after five years and Omer Ismail will take over Marcus, which has had a lot of success this year but also faces challenges in the low-rate environment.

Lastly, Goldman is planning to combine two divisions that run the bank's private equity and money management operations to create a more cohesive asset management arm. Eric Lane and Julian Salisbury will co-head the division.

The moves come as Solomon continues to refine the corporate structure at Goldman. The latest moves carve out four distinct divisions including the investment bank, the trading division, asset management, and the new consumer banking and wealth management. 

Solomon has previously told Fortune "the organization has a lot of bureaucracy I'd like to simplify," and his moves show that he is continuing to execute with this theme in mind.

Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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$380.58 (-0.84%) $-3.23

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