*DJ D-Sol gets LinkedIn endorsed for being woke*
The Goldman Sachs' CEO is moving around his lieutenants as he continues to put his mark on the not-just-an-investment-bank-anymore bank... and reward those who risked it all to show up in Hamptons to watch him open for the Chainsmokers.
Solomon announced yesterday that Stephanie Cohen and Tucker York (that name manages to makes Chad not seem so douchey) will co-head the newly created consumer banking and wealth management division. It's the first time a woman has lead a major division at the bank in years.
Cohen has been Goldman's chief strategy officer since 2017 while York has worked at Goldman's private bank which caters to billionaires and other high net worth clients. I wonder if they have to share a corner office...
Remodeling
Moving some heads around isn't the only thing on D-Sol's agenda. The company is also combining its money managing arm with its private equity business. Overall, the plan is to simplify the bank's offerings to make things less confusing, and of course, find some "synergies."
That leaves four units: an investment banking division, a trading arm, asset management, and the consumer arm. We see you, Marcus.
If this sounds familiar, that's because it is. Goldman's new setup is pretty, pretty similar to that of JPMorgan. Why? Well, the hope is that dumbing down a corporate structure that was confusing af will attract new investors.
The bottom line...
All the consolidation could also shed some light on who will lead the bank once DJ D-Sol decides to hang up his 'Gamo loafers. After Citi announced plans to make Jane Fraser the first female CEO of a bulge bracket bank, Cohen could be a good choice to become the second.
Of course, Davey Fínáncé has been on the job for less than two years, and there is no indication he is leaving just yet, but it's probably safe to assume one of the heads of the four major divisions has a fighting chance to land the head honcho gig.
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