Top Goldman exec Stephanie Cohen’s ‘leave’ may be permanent, sources say

Stephanie Cohen — a star banker seen as a possible candidate to become Goldman Sachs’ first female CEO — has gone on “leave,” but insiders say it’s unclear whether she will return.

In an internal memo circulated last week, Goldman told employees that Cohen — global co-head of the bank’s consumer and wealth-management business — was on temporary leave and that she needed time off to focus on her family.

“This isn’t an easy decision for me,” Cohen said in a memo last Friday. “This break will allow me to be the best I can be for Goldman Sachs upon my return, which is something I have taken pride in my entire career.”

“We look forward to welcoming Stephanie back, when she is ready,” Goldman CEO David Solomon and COO John Waldron added in the memo.

But multiple sources close to Cohen say they believe Cohen could be gone for good, with some claiming that she has felt mired in red tape.

Accordingly, those sources say it’s unfair to pin blame entirely on Solomon. Instead, the sources say, it’s a case of Cohen looking for a gig that’s more nimble and entrepreneurial.

Last year, Solomon said Goldman was scaling back its consumer bank operations.

“There was no appetite to take any risk because of regulatory oversight,” one source with knowledge of Cohen’s thinking told On The Money.

“Every move Goldman makes is highly scrutinized — it was more of a malaise about the environment than David’s leadership,” the source said.

Goldman Sachs’ Global Head of Communications Tony Fratto shot down any suggestions that Cohen might not return. 

“This is 100% untrue,” Fratto said. “Stephanie is taking some time away from work to focus on her family and Goldman Sachs completely supports her in this decision. 

“She will be returning to Goldman Sachs,” Fratto added. “To suggest anything else is completely inaccurate and is relying on speculation from people who are in no position to know.”

Still, others were inclined to be cynical about the news.

“This is Cohen leaving in a way that doesn’t embarrass David,” one source with knowledge of the decision said. “David can’t afford more people walking out.”

It’s not the first time Cohen has gone on leave. During the pandemic, she was holed up in Utah for an extended period with long COVID, according to reports.

People close to the bank say the significance of her leave, temporary or not, wasn’t lost on the board.

“It’s bad when people who dislike David leave but it’s even worse when people who like him leave,” a source added.

Another insider quipped, “Lots of people have ‘family issues’ when their boss can’t run a business.”

If Cohen doesn’t return, it would be the latest in a series of departures that has plagued the bank over the last few years, including Omer Ismail, Katie Koch, Harvey Schwartz, Gregg Lemkau, Eric Lane, Stephen Scherr, and Dina Powell.