Goldman Sachs loses another top exec
Another top executive at Goldman Sachs has flown the coop.
Goldman CEO David Solomon named Carey Halio as the investment bank’s new treasurer — replacing Philip Berlinski, who departs after 24 years at the Wall Street giant.
Berlinski will become operating chief at Millennium Management, the $62.2 billion hedge fund headed by billionaire Israel Englander that has lured away several former Goldman partners in recent years, according to Financial Times.
Berlinski’s exit is the latest in a slew of high-profile departures at Goldman.
In late January, Jim Esposito, seen as a potential successor to CEO Solomon, announced his retirement after it became apparent that the path to the top job was blocked.
Halio’s elevation, meanwhile, comes in the wake of criticism that Solomon wasn’t doing enough to ensure greater female representation in the company’s C-suite.
Weeks after Esposito’s exit, Beth Hammack, the co-head of Goldman’s financing group, announced she was leaving.
Stephanie Cohen, another possible Solomon successor who headed Goldman’s consumer and wealth division, announced her resignation last month — ending a 25-year tenure at the bank.
Cohen will take up the chief strategist position at San Francisco-based tech firm Cloudfare.
Several women partners at Goldman recently had a dinner with Solomon during which they reportedly discussed the dearth of female executives at the bank.
Solomon also has reportedly upset veteran partners at the bank who were unhappy over being left off senior committees.
The chief executive has also been blamed for some of the bank’s financial missteps, including its ill-fated foray into consumer lending.
Two partners — Mark Sorrell, who co-chairs the mergers and acquisitions unit in London, and Gonzalo Garcia, the co-head of the European investment banking division — reportedly threatened to quit over the matter earlier this year.
Halio will be put in charge of a balance sheet that exceeds $1.6 trillion in assets. She will take up the post on June 1.
As a tenured leader of the firm with experience working in several of our divisions and partnering with leaders across the organization to drive our strategic priorities forward, Carey will bring important expertise and perspectives to her new role, Solomon wrote in a memo to employees.
Carey will continue to oversee our Firmwide Strategy team on an interim basis.
Halio, who started working at Goldman as a summer associate in 1999 before rising to become partner in 2016, will oversee a department that includes 900 employees.
In May of last year, Goldman paid $215 million to settle a class action lawsuit filed more than a decade ago by female staffers who alleged gender-based pay discrimination and sexual harassment.
