Beth Hammack, a 30-year Goldman Sachs veteran who co-leads the bank’s global financing group, is leaving the company, sources familiar with the matter told Bloomberg on Wednesday.
But she’s not the only Goldman executive who might be on the way out, according to the Financial Times.
Mark Sorrell, the bank’s co-head of mergers and acquisitions, and Gonzalo Garcia, Goldman’s co-head of European investment banking, have both threatened to quit after they weren’t included in a new operating committee, sources told the Financial Times.
Hammack declined to comment to Bloomberg, and Sorrell declined to comment to FT. Garcia couldn’t be reached for comment by FT.
Hammack, once seen as a top candidate for Goldman’s CFO, took her current role in 2021 after having served as treasurer. She’d been passed over for CFO in favor of Denis Coleman, Bloomberg reported, in what bank executives at the time dubbed “an effort to help her gain more experience running a revenue-generating group that would set her up for more senior positions later.”
Hammack also served as CEO of Goldman Sachs Bank USA, where she led funding, liquidity and capital management strategy. Her roles before that included leadership positions in short-term macro trading, repo trading and U.S. cash interest rates trading, according to her LinkedIn profile.
“Goldman Sachs is an extraordinary institution that manufactures the world’s best executive talent. Beth had an incredible 30-year run of transforming businesses,” Katie Koch, CEO of TCW Group and a former colleague, told Bloomberg. “She is unbelievably well positioned for her next leadership role.”
The panel from which Sorrell and Garcia were excluded is one of two new operating committees CEO David Solomon established last year: one for investment banking and another for trading. Garcia and Sorrell were excluded from the investment banking committee, the Financial Times reported.
Committee members were chosen by the co-heads of investment banking and markets, a division created by the merger of two divisions in 2022.
Intended as a way to bring up Goldman’s new generation of leaders and to streamline decision making, sources told the publication that the new committees “ruffled feathers internally about who was in or out.”
The aforementioned executives would join a growing list of departures from Goldman over the past year.
Jim Esposito, co-head of the bank’s global banking and markets division, announced his intention to retire after nearly 29 years last month. Esposito had his sights set on becoming Goldman’s CEO or president, people familiar with the matter told The Wall Street Journal at the time.
Last year, 25-year vet Julian Salisbury, asset and wealth management CIO, departed Goldman for a job at Sixth Street in June; Luke Sarsfield, a global co-head of asset management, left Goldman after 23 years in April to take the helm as CEO of asset manager P10; and Ed Emerson, head of global commodities, is set to retire next month after 24 years at the Wall Street giant.
