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☆ Goldman Sachs weighs sale of part of its wealth business
▼ + stars: | 2023-08-21 | by ( Saeed Azhar | ) www.reuters.com time to read: +3 min

The purchase aimed to broaden Goldman's client list beyond the ultra-rich, but the unit has remained a small part of the bank's wealth business. The potential divestments come after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its loss-making consumer business. Goldman's wealth business has lagged rivals, including Morgan Stanley (MS.N), where CEO James Gorman built the wealth management arm through a series of acquisitions that generate steady income from fees. The bank plans to grow its core wealth business serving ultra-high net worth clients, reiterating aspirations from its investor day in late February. Other core wealth businesses include workplace financial planning through Ayco, and Marcus savings, Goldman said.

Persons: Goldman Sachs, Andrew Kelly, Goldman, RIABiz, David Solomon, Stephen Biggar, They've, Biggar, Morgan Stanley, James Gorman, Solomon, Marcus, Saeed Azhar, Lananh Nguyen, Tom Hogue, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, GreenSky, RIA, United Capital Financial Partners, Argus Research, Thomson Locations: New York City , New York, U.S, Ayco

☆ Goldman Sachs weighs sale for part of its wealth business
▼ + stars: | 2023-08-21 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Aug 21 (Reuters) - Goldman Sachs (GS.N) is weighing the sale of a part of its wealth business catering to high net worth clients, it said on Monday, as it shifts its focus back to serving the ultra-rich. The purchase aimed to broaden Goldman's client list beyond the ultra-rich, but the unit has remained a small part of the bank's wealth business. Goldman's private wealth unit oversees $1 trillion in assets for ultra-high net worth clients. The bank plans to grow its core wealth business serving ultra-high net worth clients, reiterating aspirations from its investor day in late February.

Persons: Goldman Sachs, Andrew Kelly, Goldman, David Solomon, Solomon, Marcus, Saeed Azhar, Lananh Nguyen, Tom Hogue Organizations: New York Stock Exchange, REUTERS, United Capital Financial Partners, Thomson Locations: New York City , New York, U.S, Ayco

☆ Goldman Sachs is having an identity crisis
▼ + stars: | 2023-08-09 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

I never thought I'd write this but … I miss the old Goldman Sachs. That was the voice of Goldman Sachs 2009 — the adamantine firm that managed to make its way through the crisis relatively unscathed. This sort of dry humor worked back then, but for today's Goldman Sachs, the joke just doesn't hit the same way. Van Praag — who was once dubbed "Goldman Sachs' Rococo PR prince" by The Observer — left the firm in 2012. It would be nice to see the old Goldman Sachs ferocity is still out there somewhere, even if it's not on Wall Street.

Persons: I'd, …, Goldman Sachs, Lucas van Praag, Goldman, van Praag, John F, David Solomon —, Solomon, boardrooms, today's Goldman Sachs, Lucas van Praag's Goldman, —, FactSet, JP Morgan, chuffs, DJ Sol, Van Praag —, Observer —, Jake Siewert, Lloyd Blankfein —, David Solomon's, Michael Kovac, Marcus —, DJ'ing, Goldman's, Lloyd Blankfein, Insider's Dakin Campbell, Kim Kardashian, Morgan Stanley, It's, Trump, Gary Cohn, mathlete who's, it's, Linette Lopez Organizations: Sunday Times of, Bloomberg, Refinitiv, Wealth Management, Observer, Treasury, Blankfein, Bank of America, Ivy League Locations: Wall, Sunday Times of London, New York City, Bahamas, Silicon

☆ CNBC Daily Open: Markets care more about expectations than numbers
▼ + stars: | 2023-07-20 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Michael Nagle | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Prior to the start of the second-quarter earnings season, investor relations departments and analysts massaged expectations downwards. More than three quarters of S&P companies that have reported results have exceeded expectations, according to FactSet data. "Right now, short-term optimism is higher than we've seen since December 2021, right before the start of the 2022 bear market."

Persons: Goldman Sachs, Michael Nagle, Goldman, Darla Mercado, Gina Francolla, Tom De Luca, De Luca, we've Organizations: Bloomberg, Getty, CNBC, Dow Jones, Nasdaq, Vanguard Locations: New York

☆ CNBC Daily Open: Expectations can matter more than numbers
▼ + stars: | 2023-07-20 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Tesla's record revenueTesla booked record revenue of $24.93 billion, a quarter-on-quarter increase of almost 7% thanks to price cuts. [PRO] The Dow TheoryThe Dow Jones Industrial Average has a lesser-known sibling: the Dow Jones Transportation Average. CNBC Pro's Bob Pisani explains the "Dow Theory" and why it might matter to traders.

Persons: Tesla, Alex Sherman, Goldman glitters Goldman Sachs, Bob Pisani Organizations: CNBC, Tesla, Netflix, IBM, Revenue, Dow Jones, Dow Jones Transportation Locations: U.S

NEW YORK, July 19 (Reuters) - Goldman Sachs' (GS.N) profit dropped 60% in the second quarter, missing estimates, as the bank's retreat from consumer businesses and declining real estate investments weighed on earnings. The results were the worst for the Wall Street giant since the second quarter of 2020, when it took writedowns over corruption scandal linked to Malaysian state fund 1MDB. "It definitely feels better over the course of the last six, eight weeks," Solomon told analysts on a conference call. "This moment in the economic cycle creates meaningful headwinds for Goldman Sachs," Solomon said told analysts on a conference call. Net earnings dropped 62% to $1.07 billion in the second quarter versus $2.79 billion a year earlier.

Persons: Goldman Sachs, David Solomon, Solomon, Goldman, Keith Horowitz, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, headcount, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Johann M Cherian, Arun Koyyur, Nick Zieminski, Anna Driver Organizations: YORK, Analysts, Citigroup, Goldman, Revenue, JPMorgan Chase, Reuters, Thomson Locations: Malaysian, writedowns, Bengaluru, New York

Big U.S. lenders rallied on Tuesday after they said higher interest rates had helped boost profits in the second quarter. The S&P 500 banking index (.SPXBK) has fallen 3.4% this year in the aftermath of a banking crisis that took down three lenders and pummeled the regional banking sector. The benchmark S&P 500 index (.SPX) has notched an 18.6% gain in the same period. Among other lenders, Citizens Financial(CFG.N) and M&T Bank(MTB.N) beat Wall Street estimates for second-quarter profit, benefiting from the U.S. Federal Reserve's rapid rate hikes. ET, Dow e-minis were up 7 points, or 0.02%, S&P 500 e-minis remained unchanged, and Nasdaq 100 e-minis were up 22.5 points, or 0.14%.

Persons: Goldman Sachs, Goldman, Dennis Dick, noteholders, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: T Bank, Dow, Nasdaq, Street, Big, Triple D, Citizens, U.S, U.S . Federal, Dow e, Credit Suisse, Netflix, IBM, Microsoft, Verizon, Elevance, VMware, Federal Reserve, Thomson Locations: Big U.S, U.S ., Bengaluru

☆ Goldman profit slides to three-year low on consumer losses
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +3 min

The bank took a writedown of $504 million tied to its GreenSky business and $485 million related to its consolidated real estate investments. It was Goldman's lowest quarterly profit since the second quarter of 2020. Trading revenue for fixed income, currency and commodities fell 26%, while equities trading revenue was broadly unchanged. On Tuesday, Goldman's peer Morgan Stanley (MS.N) said its investment banking revenue was in line with last year, but the trading business had weakened. However, uncertainty about the trajectory of the economy continues to be a hurdle with global mergers and acquisitions activity falling 36% from last year in the second quarter.

Persons: Goldman, David Solomon, GreenSky, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Arun Koyyur Organizations: Goldman Sachs, Analysts, Investment, Federal Reserve, Reuters, Thomson Locations: Bengaluru, New York

☆ Goldman Sachs Profit Falls 58%
▼ + stars: | 2023-07-19 | by ( ) www.wsj.com time to read: +1 min

Goldman Sachs is the last big bank out of the gate with second-quarter earnings, and things don’t look pretty. Profit fell 58% from one year ago, to $1.22 billion. Some big news: Earnings took a big hit from Goldman’s ongoing exit from consumer lending. Also, Goldman took impairments of about $485 million related to real estate investments, much of that tied to office properties, within its asset management business. The impairments reflected properties the bank sold as well as properties the bank has marked down but not yet sold.

Persons: Goldman Sachs, FactSet, Goldman, GreenSky Organizations: Revenue, Investment

☆ Goldman Sachs misses on profit after hits from GreenSky, real estate
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs misses on profit after hits from GreenSky, real estateCNBC's Leslie Picker reports on the firm's quarterly earnings results.

Persons: Goldman Sachs, Leslie Picker

☆ Goldman Sachs is set to report second-quarter earnings — here’s what the Street expects
▼ + stars: | 2023-07-19 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

CEO David Solomon, Goldman Sachs, during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, Dec. 6, 2022. Goldman Sachs is scheduled to report second-quarter earnings before the opening bell Wednesday. Here's what Wall Street expects:Earnings: $3.18 per share, according to RefinitivRevenue: $10.84 billionTrading revenue: Fixed income $2.78 billion; equities $2.42 billion, per FactSetInvesting banking revenue: $1.49 billionExpectations have been set low for Goldman this quarter. Unlike more diversified rivals, Goldman gets the majority of its revenue from volatile Wall Street activities, including trading and investment banking. Investment banking has been weak because of subdued issuance and IPOs amid the Federal Reserve's interest rate increases.

Persons: David Solomon, Goldman Sachs, Goldman, David Solomon's, outsized, JPMorgan Chase, Solomon, Wells Fargo, Morgan Stanley Organizations: Bloomberg Television, Goldman Sachs Financial Services, Refinitiv Revenue, Goldman, Investment, JPMorgan, Apple Card, American Express, KBW, Citigroup, Bank of America Locations: New York

☆ Steep Profit Fall at Goldman Sachs Highlights Wall St. Giant’s Woes
▼ + stars: | 2023-07-19 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

The NumbersGoldman Sachs reported a profit of $1.1 billion in the second quarter, down more than 60 percent from last year. Goldman acquired GreenSky less than two years ago, as part of an ill-fated foray into consumer lending. Goldman has gone through at least three rounds of layoffs this year, taking head count down 8 percent so far this year. Having already conceded some losses in that area, Goldman can now shift attention to other areas of the business. The bank is still unwinding the businesses, at a loss, and it may expect more ugly headlines until that is finished.

Persons: Goldman Sachs, Goldman, GreenSky, ” David Solomon, Solomon, JPMorgan Chase, Marcus Organizations: JPMorgan Locations: yore

☆ Stocks making the biggest moves midday: Carvana, Goldman Sachs, AT&T and more
▼ + stars: | 2023-07-19 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Goldman Sachs — The banking titan advanced 1.6% despite missing expectations of analysts polled by Refinitiv for earnings and revenue. The company beat expectations for earnings expectations by one cent at $1.81 per share. Elevance Health — The stock rose 6% after Elevance Health beat analysts' expectations on the top and bottom lines in its second-quarter results. J.B. Hunt Transport Services — The transportation and logistics stock rose 1.5% despite a disappointing quarterly report. Qualcomm — Shares rose 2.8% after JPMorgan added the stock to its focus list and said it's one of the firm's best growth idea.

Persons: Goldman Sachs, Refinitiv, Goldman, Elevance, J.B, Hunt, Charles Schwab —, ServiceNow, —, Samantha Subin, Hakyung Kim, Sarah Min, Jesse Pound, Michelle Fox, Yun Li Organizations: Joby, JPMorgan, FactSet, Elevance Health, Revenue, Trust, Refintiv, Hunt Transport Services, Refinitiv, Western, Street Journal, U.S . AT, Argus, Qualcomm, Cisco —, Cisco, Bank of America Locations: FactSet, Tahoe

☆ Goldman Sachs' second-quarter earnings bombed. Here are 5 numbers that best explain what went wrong and where the company is headed.
▼ + stars: | 2023-07-19 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

Wall Street earnings season has been challenging across the board, but perhaps none have had it as tough as Goldman Sachs. "This moment in the economic cycle creates meaningful headwinds for Goldman Sachs and our business mix. Here are the five numbers explaining the complex story of Goldman Sachs' second-quarter earnings and its shift from consumer banking to asset management fees. Goldman Sachs Earnings PresentationROE: Down to 4%The return on shareholders' equity fell to 4% this quarter, down from 11.6% last quarter. Goldman Sachs' 2Q23 Earnings Presentation Goldman Sachs' 2Q23 Earnings PresentationEquity underwriting: up 133%One bright spot was equity underwriting, or the process of helping companies raise money through the sale of stocks.

Persons: Goldman Sachs, David Solomon, it's, ROE, Goldman, Morgan Stanley, Goldman's, Solomon, Denis Coleman, Coleman, Solomon's, we've, Marcus, they've Organizations: Wall, Citigroup, JPMorgan, Wells, Global Banking, Goldman, Apple, GreenSky, Wealth Management, Investment Locations: Goldman, Wells Fargo

[1/3] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. David Wagner, a portfolio manager at Aptus Capital Advisors, exited his small position in Goldman Sachs months ago because he was unimpressed with managers' handling of the consumer business. Marcus, the consumer business, lost $3 billion in three years, and is being wound down. 1Solomon took the top job in 2018, leaning into Goldman's consumer business to broaden earnings beyond volatile revenue from trading and dealmaking. The retail operations struggled to gain traction against well-established consumer banks, prompting the bank to set aside billions to cover potential loan losses.

Persons: Goldman Sachs, David Solomon, Brendan McDermid, David Solomon's, Goldman, Morgan Stanley, Tom Montag, Solomon, JPMorgan Chase, Morgan Stanley's, David Wagner, Wagner, Marcus, Montag, David, Narendra Modi, Lakshmi Mittal, ArcelorMittal, Saeed Azhar, Lananh Nguyen, Megan Davies, Anna Driver Organizations: Goldman, REUTERS, JPMorgan, Aptus Capital Advisors, Bank of America, Thomson Locations: New York City, U.S, Solomon, India, New Delhi

☆ Goldman Sachs offloads $1 billion of Marcus loans to Varde
▼ + stars: | 2023-07-13 | by ( Saeed Azhar | ) www.reuters.com time to read: +1 min

NEW YORK, July 13 (Reuters) - Goldman Sachs Group (GS.N) has sold $1 billion of personal loans from its consumer unit, Marcus, to alternative investment firm Varde Partners, a source familiar with the matter said on Thursday. This was the second tranche of unsecured loans offloaded by Goldman after it disclosed earlier it had sold about $1 billion from the $4.5 billion loan portfolio in the first quarter. The Wall Street giant booked a $470 million loss on the sale of some Marcus loans in the first quarter, which dragged down its earnings. The sale to Varde was reported by Bloomberg News earlier on Thursday, citing people with knowledge of the transaction, saying the loans were sold at a discount to their face value to Varde. Founded in 1993, Varde has invested $95 billion across both public and private credit markets.

Persons: Marcus, GreenSky, Goldman, Varde, Saeed Azhar, Shinjini Ganguli, Josie Kao Organizations: YORK, Goldman Sachs, Varde Partners, Goldman, Street, Bloomberg, Varde, Thomson Locations: North America, Europe, Asia Pacific, New York, Bengaluru

☆ Wall Street analysts think these 5 bank stocks will do well in the second half
▼ + stars: | 2023-07-02 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

All 23 banks that the Federal Reserve subjects to its annual stress test passed the key evaluation after the market closed on Wednesday. Nonetheless, the stress test helped lift major banks stocks, including Wells Fargo and JPMorgan Chase , on Thursday. Phoenix-based Western Alliance , meanwhile, is 58% below its 52-week high. WAL YTD mountain Western Alliance stock has slipped more than 38% so far this year. Wells Fargo stock has gained almost 3.5% in 2023 after climbing 3.4% on Thursday following the Fed's stress test.

Persons: Wells, JPMorgan Chase, Goldman Sachs, Goldman, David Solomon, FactSet Organizations: Federal Reserve, Silicon Valley Bank, Signature Bank, First, KBW Bank, PacWest Bancorp, Western Alliance Bancorp, JPMorgan, CNBC Pro, KBW Bank ETF, Goldman, Western Alliance, Western, Wells, San Locations: U.S, Silicon, GreenSky, Phoenix, Wells Fargo, San Francisco

Goldman Sachs is in talks to offload its Apple credit card and high-yield savings account products to American Express , a source told CNBC's Leslie Picker. Goldman Sachs, Apple and American Express declined to comment. The Wall Street Journal first reported the Goldman talks with American Express. In October, the Journal reported Goldman and Apple renewed their partnership through 2029. "This week, we announced the launch of a savings account for Apple Card users.

Persons: Goldman Sachs, CNBC's Leslie Picker, Goldman, David Solomon, Denis Coleman, Coleman, –, Steve Kovach, Phil LeBeau, Hugh Son Organizations: American Express, Apple, CNBC, Street Journal, Goldman, Apple Card, Motors, GM

☆ CNBC Daily Open: Skim off the froth
▼ + stars: | 2023-06-26 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on June 01, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Stock markets in Europe traded lower too. [PRO] Markets on an even footingMarkets may have declined last week, but CNBC Pro's Michael Santoli thinks there's still a "favorable underlying market trend."

Persons: Goldman Goldman Sachs, David Solomon, Solomon, Moody's, Wagner, Yevgeny Prigozhin, Alexander Lukashenko, Antony Blinken, Michael Santoli, there's Organizations: New York Stock Exchange, CNBC, Siemens, Moody's Investors, Wagner Group, Belarusian, U.S Locations: New York City, Europe, GreenSky, U.S, Russia, Rostov, Moscow

☆ Inside JPMorgan's handling of Jeffrey Epstein
▼ + stars: | 2023-06-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

This is the last week of 10 Things on Wall Street. But there remains a very large blight on JPMorgan's record that has come back into the spotlight this year: Jeffrey Epstein. Insider's Kaja Whitehouse and Emmalyse Brownstein have a breakdown of JPMorgan's long, drawn-out breakup with Epstein. Read more on JPMorgan's handling of Jeffrey Epstein. The Treasury secretary isn't particularly worried about the potential for more bank mergers this year, per The Wall Street Journal.

Persons: Dan DeFrancesco, I've, I'm, we've, Goldman Sachs, Jeffrey Epstein, Rick Friedman, hasn't, Kaja Whitehouse, Emmalyse, Epstein, Kaja, Read, Janet Yellen, isn't, Moody's, Francis Bacon, We've, Jeffrey Cane, Jack Sommers Organizations: Getty, JPMorgan, Dow, Norges Bank Investment Management, CNBC, Goldman, Street, Financial Times, Sequoia Capital, FDIC, Bloomberg, Dassault Falcon, LinkedIn Locations: NYC, Cambridge, Republic, dealmaking ., New York, London

☆ Goldman Sachs faces big writedown on GreenSky deal, CNBC reports
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

June 23 (Reuters) - Goldman Sachs (GS.N) is likely to take a large writedown for its $2.2 billion acquisition of fintech lender GreenSky after seeking to divest the business it bought in 2021, CNBC reported on Friday, citing people with knowledge of the sale process. One bidder said GreenSky's loan origination platform is worth roughly $300 million, while another said it was worth closer to $500 million, according to the report. CNBC added the bids for the platform, which facilitates home improvement loans to consumers, were coming in well below Goldman's expectations. Shares of Goldman were down about 1.4% in mid-morning trading. The bank has been running a sale process for GreenSky, and may take a writedown on the $500 million of goodwill, or the premium it paid above the assets' book value, Goldman President and Chief Operating Officer John Waldron told investors at a conference in June.

Persons: Goldman Sachs, Goldman, We're, John Waldron, Warburg Pincus, Manya Saini, Jaiveer Shekhawat, Shinjini Organizations: CNBC, Goldman, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Thomson Locations: Bengaluru

☆ What the heck is going on at Goldman Sachs
▼ + stars: | 2023-06-23 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

It's been non-stop negativity over at Goldman Sachs recently. The bad news just keeps rolling in over at Goldman Sachs. The Economist put a fine point on this earlier this year when it ran a cover story titled "The humbling of Goldman Sachs." But Goldman Sachs' historic partnership model has given it a distinct culture, where these kinds of things matter. Whatever the truth is, it's clear that Goldman Sachs and David Solomon are going to remain in the headlines for some time.

Persons: It's, Goldman Sachs, David Solomon's, Dakin Campbell, grumbling, Solomon, Goldman, David Solomon, it's, Dina Powell McCormick, Gregg Lemkau, Stephen Scherr, Eric Lane, Katie Koch, Fred Baba, he's, he'd, John Rogers, Tony Fratto Organizations: Goldman, Wall Street, The New York Times, Silicon Valley Bank, DJ, Discovery Land Company, New York Times, Air Mail Locations: California

☆ Goldman Sachs faces big writedown on CEO David Solomon’s ill-fated GreenSky deal
▼ + stars: | 2023-06-23 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Goldman Sachs CEO David Solomon speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. Goldman Sachs is likely to take a large write-down for its 2021 acquisition of fintech lender GreenSky after seeking to unload the business, CNBC has learned. Bids for the installment loan business are coming in well below what Goldman had hoped for, according to people with knowledge of the sale process. Under CEO David Solomon, Goldman bought Atlanta-based GreenSky for $2.24 billion to help accelerate its push into consumer finance. "Everybody's been coming in low, and the Goldman team keeps pushing back, pounding the table about the value of it," said one of the bidders.

Persons: Goldman Sachs, David Solomon, Goldman, Solomon, Warburg Pincus, Everybody's Organizations: Forbes, CNBC, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Goldman Locations: New York City, Atlanta

NEW YORK, June 9 (Reuters) - Stephanie Cohen, the head of Goldman Sachs Group Inc's (GS.N) fintech unit called Platform Solutions, is taking a leave of absence for family reasons, she said in a memo to staff seen by Reuters. "The past year has brought some challenges for my family," Cohen said in the memo. Philip Berlinski, the bank's treasurer, and Ericka Leslie, its chief administrative officer, will handle Cohen's responsibilities in her absence. Cohen is the only woman executive to lead one of Goldman's three main business units. Cohen joined Goldman Sachs as an analyst in 1999, was named managing director in 2008 and partner in 2014.

Persons: Stephanie Cohen, Cohen, Philip Berlinski, Ericka Leslie, Goldman Sachs, Goldman, John Waldron, Lananh Nguyen, Saeed Azhar, Nick Zieminski Organizations: YORK, Goldman Sachs, Reuters, Thomson Locations: New York

☆ Goldman Sachs' Stephanie Cohen is taking a leave of absence — her second since 2022
▼ + stars: | 2023-06-09 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +2 min

Goldman consumer banking exec Stephanie Cohen is taking a leave of absence. Goldman will welcome Cohen back "when she is ready," CEO David Solomon said. Stephanie Cohen, a leader of Goldman Sachs' retail banking expansion, is stepping away from the bank for an undisclosed period, employees were told on Friday. Cohen has been with Goldman since 1999 and is known as a key architect of the bank's consumer banking strategy. Cohen also took a leave of absence in 2022 that was not widely shared within the consumer banking division she co-headed, as Insider's Dakin Campbell previously reported.

Persons: Stephanie Cohen, Philip Berlinski, Ericka Leslie, Goldman, Cohen, David Solomon, Goldman Sachs, " Cohen, John Waldron, Stephanie, Solomon, Waldron, Insider's Dakin Campbell Organizations: Apple, General Motors, Solutions, Goldman Sachs Bank USA, Goldman

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