Wall Street can stop wondering who the most powerful woman at Goldman Sachs might be.
Goldman chief executive David Solomon announced Tuesday that he has shuffled the executive ranks once again, this time making Stephanie Cohen co-head of the $2 trillion megabank’s consumer banking and wealth management group.
Cohen, a 43-year-old insider who has been Goldman’s chief strategy officer since 2017, is the first woman to lead her own group under Solomon, who dramatically reorganized the bank’s operations in January. That streamlining created the consumer banking group, which contains Goldman’s fledgling Marcus savings account business and AppleCard businesses.
Solomon has long touted the consumer division as playing a key part in Goldman’s future. By putting Cohen in this new role, he also is boosting her profile in Goldman’s line of succession. Cohen has long been seen as a Solomon favorite, and running a key division will provide her with the experience and clout that she will need to compete for his job when he leaves the C-suite.
