Goldman Sachs loses another executive after JPMorgan Chase poaches CFO of its Marcus business

1 month ago 35

Sherry Ann Mohan, Managing Director astatine Goldman Sachs

Source: Goldman Sachs

Goldman Sachs continues to suffer cardinal managers astatine its fledgling user banking business.

The main fiscal serviceman for Goldman's user business, which includes its Marcus marque and the Apple Card, is joining JPMorgan Chase, according to an interior memo obtained exclusively by CNBC.

Sherry Ann Mohan is joining JPMorgan arsenic main fiscal serviceman for concern banking successful August, according to the memo, scheduled to beryllium sent to employees aboriginal Friday.

Her departure aft astir 15 years astatine Goldman is the latest successful a drawstring of exits from the concern bank, peculiarly astatine its Marcus user business. The upheaval began successful precocious February erstwhile Omer Ismail, caput of Goldman's user bank, on with a apical lieutenant left to articulation Walmart's fintech start-up.

Then, past period JPMorgan lured Sonali Divilek, the caput of merchandise for Marcus, to go the bank's caput of integer channels. Divilek had conscionable been promoted astatine Goldman aft different executive, Adam Dell, had stepped down.  

Goldman created Marcus successful 2016 arsenic its large stake that it could interruption into user banking done digital-only channels, overmuch similar fintech start-ups that person gained millions of users during the pandemic. After offering savings and idiosyncratic loans, the steadfast added the Apple Card, and this twelvemonth unveiled an investing product.

But precocious unit and a demanding docket of merchandise rollouts has resulted successful elevated departures among midlevel managers and engineers passim the Marcus organization, according to a report past month.

Investment banks often spot turnover astir this clip of twelvemonth due to the fact that radical readying to permission typically instrumentality astir to person their year-end bonuses paid retired successful January, February oregon March. At Goldman, high-level departures included Eric Lane, co-head of the firm's plus absorption division, wide counsel Karen Patton Seymour, and planetary communications main Jake Siewert.

At JPMorgan, Mohan volition study to Sarah Youngwood, CFO of the broader retail part that includes concern banking, and articulation enactment teams for the organization, according to the memo.

Mohan is "an exceptional person whose talents I've agelong admired, and I'm thrilled to person her articulation our company," Youngwood said.

This communicative is developing. Please cheque backmost for updates.

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