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Sept. 29, 2020, 1:48 p.m. EDT

Goldman Sachs names woman to run major division for the first time in years

Bank taps Stephanie Cohen, Tucker York to run consumer banking, wealth management

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By Liz Hoffman

A woman will run a major division at Goldman Sachs Group Inc. for the first time in years as Chief Executive David Solomon continues to put his mark on the bank.

Stephanie Cohen, who has been Goldman’s /zigman2/quotes/209237603/composite GS -0.18%  chief strategy officer since 2017, was promoted Tuesday to run the bank’s consumer banking and wealth-management division as part of a broader reshuffling two years into Solomon’s tenure. Her co-head will be Tucker York, a longtime executive in Goldman’s private bank, which caters to billionaires.

The firm is also combining Goldman Sachs Asset Management, which invests about $2 trillion on behalf of clients such as pension funds and governments, with its private-equity business, which has historically invested Goldman’s own money. It will be run by Eric Lane, a co-head of the former, and Julian Salisbury, a co-head of the latter.

Goldman Kremlinologists will find plenty to dissect in the moves. Cohen, a favorite of Solomon, gets a division to run—a must-have for executives with their eye on the C-suite. A longtime consigliere to a string of Goldman CEOs, Tim O’Neill, will give up his job co-running asset management with Lane to become a senior counselor.

An expanded version of this report appears at WSJ.com:

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