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Goldman Restructures Wealth Unit

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As part of a new restructuring plan, Goldman Sachs is creating a consumer and wealth-management unit that will be co-led by Stephanie Cohen and Tucker York starting in 2021. It’s also planning to combine the asset management and merchant banking businesses under the leadership of Eric Lane and Julian Salisbury.

Prior to Tuesday’s announcement, no woman was included in the top 12 executives in decision-making roles or leading money-making units, according to a Bloomberg report. (Trading co-head Isabelle Ealet left in 2018 when Lloyd Blankfein ended his tenure as CEO.

The news follows Citigroup’s selection of Jane Fraser to become CEO when Michael Corbat steps down early next year.

Cohen, who joined the firm in 1999, has been Goldman’s chief strategy officer since early 2018. York has been global head of wealth management for the past decade; he started at the firm in 1986 as a private wealth advisor. 

“Stephanie and Tucker … have each played a key role in driving our wealth management strategy, including through strategic acquisitions, such as Ayco and United Capital (now Personal Financial Management), and in expanding our digital consumer capabilities,” explained CEO David M. Solomon, President & Chief Operating Officer John E. Waldron and Chief Financial Officer Stephen M. Scher, in a memo on Tuesday that was shared with ThinkAdvisor.

As for the leaders of the combined asset management and merchant bank, Lane previously ran the investment management group, which also included Goldman’s consumer and wealth operations. Salisbury was tapped to lead the merchant bank last year.

The bank named Omer Ismail as head of its consumer business. Ismail replaces Harit Talwar, who will become chairman of the unit starting Jan. 1, 2021.

— Check out Goldman Sachs Partner Has a Warning on Big Tech Stocks on ThinkAdvisor.