Goldman Sachs has made changes to its executive committee by cutting one member.
- The bank has named Ericka Leslie, the chief administrative officer, to head global banking and markets operations, its largest division.
- This change reduces the size of the bank’s executive committee from nine members to eight.
- Leslie’s previous duties will be divided among other executives.
- Will Bousquette, the former head of global banking and markets operations, has been appointed COO of the asset and wealth management division.
- Laurence Stein, a 27-year Goldman veteran, plans to retire at the end of 2023 and will be succeeded by Bousquette.
- Goldman Sachs has undergone structural changes since dividing its business into three units in 2022 and scaling back ambitions for its consumer business.
- The bank has experienced high-profile departures in recent months.
- Goldman Sachs is planning another round of job cuts for underperforming employees, which could happen in September or October.
- The bank laid off about 3,200 people earlier in 2023, its largest headcount reduction since the 2008 financial crisis.