New York, NY – Stephanie Cohen, a prominent figure in the world of investment banking, has decided to part ways with Goldman Sachs after a successful 25-year career with the firm. Cohen, once considered a potential candidate to become the first female CEO of Goldman Sachs, has recently accepted the chief strategist position at Cloudfare, a tech company based in San Francisco.
Cohen’s departure from Goldman Sachs follows an increasing trend of women leaving the Wall Street giant in recent months. Her decision to leave her role as head of the bank’s Platform Solutions department comes as a surprise, especially in light of Goldman CEO David Solomon’s efforts to promote more women to senior positions within the organization.
The shift in leadership at Goldman Sachs underscores the ongoing challenges faced by women in the finance industry. Last May, the bank agreed to pay $215 million to settle a class action lawsuit filed by women alleging gender-based pay discrimination and sexual harassment, further highlighting the gender disparities within the institution.
Despite Solomon’s efforts to address the lack of female representation at the bank’s highest levels, the latest analysis from The Wall Street Journal reveals that a significant number of women who reached partner status by the end of 2018 have since left the firm. This stands in contrast to the departure rate of male partners during the same period.
In a memo to employees, Solomon expressed gratitude for Cohen’s contributions to the firm, acknowledging her dedication to mentoring and training teams across various levels and geographies. Cohen’s departure comes at a crucial time for Goldman Sachs as the company navigates challenges in the consumer banking sector, including the recent divestiture of GreenSky and the unwinding of its credit card venture with Apple.
During her sabbatical, Cohen explored opportunities in the tech industry and ultimately decided to join Cloudfare as its first chief strategy officer. Her decision to relocate to Utah for this new role reflects her commitment to pursuing a career focused on technology and innovation.
Despite the shift in leadership at Goldman Sachs, the departure of influential female executives like Cohen raises questions about the future of gender diversity within the organization. As women continue to make strides in the finance industry, the departure of key figures like Cohen underscores the ongoing challenges faced by women in leadership roles on Wall Street.