What You Must Know
- Hammack, 52, was as soon as seen internally as a best choice to change into the agency’s subsequent chief monetary officer.
- She moved into her newest function working the financing unit after being handed over for CFO in 2021.
- Now, only one girl is cost of one of many financial institution’s three items: Stephanie Cohen, who leads Platform Options, which is being dismantled.
Beth Hammack had been billed as probably the most probably candidates to interrupt into Goldman Sachs Group Inc.’s all-male high tier.
Now, she’s calling it quits after 30 years on the Wall Avenue big, based on individuals with data of the matter.
Hammack, 52, was as soon as seen internally as a best choice to change into the following chief monetary officer — a uncommon elevation for a lady to one of many financial institution’s most senior positions.
Even on Wall Avenue, the place males dominate most corporations, the shortage of girls at Goldman’s highest ranges has been a sore level internally. No girl has ever been appointed to the function of chair, chief government officer, president or CFO within the firm’s historical past.
That problem was underscored final month when Goldman created two new committees inside its funding financial institution. It tapped 25 executives because the rising leaders who would have a say in working its sprawling buying and selling and banking enterprise.
Solely three ladies made the minimize, together with Hammack, a former treasurer who most lately was a co-head of the agency’s world financing group.
Goldman has pledged to elevate extra ladies into its most senior roles, and for years Hammack had been amongst a small cohort who made the listing in each behind-the-scenes dialog. Insiders noticed her filling jobs that might have made her one of many financial institution’s most distinguished faces on Wall Avenue.
“Goldman Sachs is a rare establishment that manufactures the world’s greatest government expertise. Beth had an unbelievable 30-year run of remodeling companies,” mentioned Katie Koch, the CEO of TCW Group and a former colleague. “She is unbelievably nicely positioned for her subsequent management function.”
A consultant for New York-based Goldman and Hammack declined to remark.
Extra Expertise
She moved into her newest function working the financing unit after being handed over for CFO in 2021. On the time, the financial institution’s executives defined the transfer as an effort to assist her achieve extra expertise working a revenue-generating group that might set her up for extra senior positions later.
Hammack grew up exterior Philadelphia and had two summer season internships on the Philadelphia Inventory Alternate. Her father, Howard Morgan, is a enterprise capitalist who helped billionaire Jim Simons begin Renaissance Applied sciences. She joined Goldman in 1993 and started to climb the ranks inside its buying and selling division.