Stephanie Cohen Is Co-Head Of Goldman's Consumer Banking and Wealth Management

Matty-Sways

Goldman CEO David Solomon has moved around the executive ranks making Stephanie Cohen co-head of the $2 trillion group.

Goldman announced seven executive moves on Tuesday, with Cohen being the only woman to change desks.

Cohen, a 43-year-old, has been Goldman’s chief strategy officer since 2017. She is also the first woman to lead her own group under Solomon. Goldman went through a massive reorganization meant to streamline the bank and created the consumer banking group, which contains Goldman’s fledgling Marcus savings account business and AppleCard businesses. By putting Cohen in this new role, Solomon also is boosting her profile in Goldman’s line of succession. Cohen has long been seen as a Solomon favorite, if she can run this division successfully it will give her the experience and clout needed to take the lead role when he steps down.

Citigroup’s Jane Fraser just became the first CEO of a major US bank, and women look poised to take the reins at Bank of America and JPMorgan.

Cohen will replace longtime Goldman partner Timothy O’Neill. O’Neill will move into the bank’s executive office as senior counselor, a role similar to that he has had under three of Solomon’s CEO predecessors. Goldman also announced that Harit Talwar will step down from day-to-day management of Marcus and Goldman partner Omer Ismail will take charge of the bank’s biggest consumer product.

Just a week after his IPO announcement (that Goldman would not take companies with all white male boards public) at the Davos conference in January, Solomon held Goldman’s first-ever Investor Day featuring speeches and presentations from top Goldman execs. The first 11 speakers that day were men, making it more than five hours until a woman took the stage. That woman was Cohen.

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