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Friday, April 12, 2024

She Was Set to Break Goldman’s Glass Ceiling. Now Beth Hammack Is Leaving


What You Must Know

  • Hammack, 52, was as soon as seen internally as a best choice to grow to be the agency’s subsequent chief monetary officer.
  • She moved into her newest position operating the financing unit after being handed over for CFO in 2021.
  • Now, only one lady 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 one of the crucial seemingly 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 Road big, in keeping with individuals with data of the matter.

Hammack, 52, was as soon as seen internally as a best choice to grow to be the subsequent chief monetary officer — a uncommon elevation for a girl to one of many financial institution’s most senior positions.

Even on Wall Road, the place males dominate most corporations, the shortage of girls at Goldman’s highest ranges has been a sore level internally. No lady has ever been appointed to the position of chair, chief govt 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 operating its sprawling buying and selling and banking enterprise.

Solely three ladies made the lower, together with Hammack, a former treasurer who most just lately was a co-head of the agency’s world financing group.

Goldman has pledged to raise extra ladies into its most senior roles, and for years Hammack had been amongst a small cohort who made the checklist 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 Road.

“Goldman Sachs is a rare establishment that manufactures the world’s greatest govt expertise. Beth had an unimaginable 30-year run of remodeling companies,” mentioned Katie Koch, the CEO of TCW Group and a former colleague. “She is unbelievably properly positioned for her subsequent management position.”

A consultant for New York-based Goldman and Hammack declined to remark.

Extra Expertise

She moved into her newest position operating 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 acquire extra expertise operating 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 Trade. Her father, Howard Morgan, is a enterprise capitalist who helped billionaire Jim Simons begin Renaissance Applied sciences. She joined Goldman in 1993 and commenced to climb the ranks inside its buying and selling division.

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