Megabank’s chief attorney Karen Seymour is reportedly on her way out – this marks the third high profile exit this week.
The reason for her departure is unknown, but it could be Goldman’s work -CEO David Solomon making it difficult to make the one-off commercial juggernaut a more accessible and transparent institution.
Seymour – who the world could best remember as the federal prosecutor who sent domestic diva Martha Stewart to jail in 2004 – steps down a report by Bloomberg Tuesday after only three years as General Counsel from Goldman.
News of the departure comes just days after reports emerged that Goldman’s newly promoted Co-Head of Goldman’s Wealth Management Group, Eric Lane, and Goldman’s newly promoted consumer bank head, Omer Ismail, were also on the Are way out.
According to sources, the departures point to a difficult period for Solomon, a part-time DJ who took over the top job of then CEO Lloyd Blankfein in 2018. As CEO, Solomon focused less on Goldman’s traditional bread and butter of commerce and more on consumer banking and deal-making.
« Reorganizations are difficult, especially in a place like Goldman, » a former insider told The Post. “Solomon sold himself out as a change agent when he replaced Lloyd. This is what change looks like. Lane reportedly quit his job as co-manager of Goldman’s massive hedge fund operation to work for hedgie superstar Chase Coleman’s $ 36 billion Tiger Global management – a move that led to the Wall Street is being read as a signal that Goldman’s superstar trading days are over.
Goldman’s trading desk has thinned out significantly under Solomon. Even veteran retail superstar Ram Sundaram split from the bank in February. In contrast, Coleman pocketed a reported $ 3 billion in 2020.
« Trading at Goldman is no longer what it used to be, » mused a hedge fund manager. « The road to Tiger would be a breeze, seeing what Chase did last year. »
According to reports, Ismail took over the helm of Walmart’s new fintech company and passed on to lead Marcus – Solomon’s pet loan project – , which was given to him in September.
« Leaving Ismail is a bad signal, » said the former Goldman insider. « He should be the future. »
Lane and Ismail were promoted in September as part of a talent shakeup in which alleged Solomon favorite Stephanie Cohen became co-head of the consumer banking and wealth management group of the Bank was appointed.
That move put Cohen firmly in the running to become Solomon’s possible successor, which some observers believe may have sparked the exodus, starting with Goldman’s former co-head of global investment banking Gregg Lemkau, who runs the Wall Street shocked by saying goodbye in November after nearly 30 years.
« When Lemkau left, it opened some eyes, » said the former Goldman banker. « People realized that your place on the ladder hasn’t changed, it’s a whole new ladder. »
Insiders say Seymour’s departure, in contrast, may actually have created an opportunity for Solomon, who wanted to that Kathy Ruemmler was the top legal position when Blankfein Seymour took up the position in 2017.
Seymour recently negotiated the bank’s record $ 3 billion deal to pay for their role in the 1MDB corruption scandal. However, she has also dealt with an explosive civil lawsuit filed in October alleging she and her team conducted a mock investigation to cover up a steamy office affair between Lieutenant Darrell Cafasso and a junior subordinate. Goldman has denied the allegations , but a judge recently denied Goldman’s motion to have it set aside.
© 2021 NYP Holdings, Inc. All rights reserved
Your ad choices
Your California Privacy Rights
Do not sell my personal information
Donnez votre point de vue et aboonez-vous!
Votre point de vue compte, donnez votre avis
[maxbutton id= »1″]