Goldman Sachs executive Stephanie Cohen resigns

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By journalsofus.com


Tiffany Cohen, a rising investment banking star who was once considered a candidate to become the first female CEO of Goldman Sachs, is leaving the company after a 25-year career – joining the exodus of women saying goodbye to Wall Street . Huge in recent months.

Cohen, who was hired by Goldman Sachs in 1999 and named partner in 2014, will leave his post as head of the bank’s Platform Solutions department to take up the position of chief strategist at San Francisco-based tech firm Cloudflare.

Cohen’s departure, which was first reported by The Wall Street Journal, contrasts with reported claims by Goldman CEO David Solomon to promote more women to senior positions at the bank.

An internal memo shows that Cohen, who joined the bank as an analyst in 1999 and was given distinguished partner rank in 2014, was most recently in charge of the bank’s consumer platforms. reuters

Goldman’s reputation as a boys’ club was further strengthened last May when the bank agreed to pay $215 million to settle a class action lawsuit filed more than a decade ago by women who raised concerns about gender-based pay. Was accused of discrimination as well as sexual harassment.

Solomon is due to host a number of female partners for dinner on Monday, during which they are expected to discuss the lack of women in the upper echelons of the bank.

Last week, The Journal published the findings of an analysis that indicated that nearly two-thirds of the women who made partner by the end of 2018 were no longer with the firm.

By comparison, less than half the men who made partner at around the same time have since left Goldman, according to the analysis.

Beth Hammack, one of Goldman’s most prolific traders during her more than two decades at the bank, was recently demoted to the chief financial officer position, which went to Dennis Coleman.

Last year, former Trump administration official and veteran Goldman Sachs executive Dina Powell McCormick left the company to help run BDT and MSD Partners, a merchant bank founded by two other ex-Goldman stars Byron Trott and Greg Lemkau.

None of the officials considered credible candidates to one day succeed Solomon are women.

Cohen took leave in June. reuters

Only two of Goldman’s eight executives are women, although both of those positions are in non-revenue generating divisions (legal and accounting).

In June, The Post learned that Cohen was taking a leave of absence and it was unclear whether she would return to Goldman.

At the time, a Goldman spokesperson dismissed suggestions that Cohen’s leave would be permanent, telling The Post: “That’s 100% untrue.”

Tony Fratto, Goldman’s communications chief, told The Post in June that Cohen was “taking some time away from work to focus on his family and Goldman Sachs fully supports him in this decision.”

“She will return to Goldman Sachs,” Fratto said. “To suggest anything else is completely wrong and to rely on speculation from people who are not in a position to know.”

reuters

In a memo sent to employees on Monday, Solomon wrote: “Please join me in thanking Stephanie for her outstanding contributions to the firm, our clients and our people, and wishing her and her family all the best for the years to come.” Join.”

A source with knowledge of the situation told The Post that Cohen intended to eventually return to Goldman.

In 2017, Cohen was promoted to Chief Strategy Officer at Goldman. Three years later, she was chosen to co-head the consumer and wealth management unit – one of the few women to lead a major division within the bank.

But Goldman’s foray into consumer banking, which included a partnership with Apple as well as the ill-fated acquisition of fintech firm GreenSky, proved disastrous.

During Cohen’s leave, Goldman sold GreenSky, taking a significant write-down. Goldman and Apple have also announced plans to shut down their joint credit card venture.

In 2017, Cohen was promoted to Chief Strategy Officer at Goldman. Three years later, she was chosen to co-head the consumer and wealth management unit – one of the few women to lead a major division within the bank. getty images

However, during his sabbatical, Cohen met people who advised him about possible career moves.

Cohen told Business Insider on Monday that during his sabbatical, he found himself drawn to a career in technology.

“I just got to this place where it was, ‘I really want to do this,'” Cohen told the site.

“This is what I want to do. I don’t want technology to just be a part of it; I want it to be part of what I do.”

According to Business Insider, Cohen, 46, will serve as Cloudflare’s first chief strategy officer — a role for which he will be relocated to Utah.

Cohen is no stranger to Utah. During the coronavirus pandemic, he isolated himself in the area after a case of long-term COVID was detected.

Solomon praised Cohen for “demonstrating a deep commitment to our culture and our people, devoting significant time to mentoring and training our teams at all levels and geographies.”

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