Stephanie Cohen departure | Goldman Sachs' gender equality at leadership level is degrading further

Goldman Sachs' gender equality at leadership level is degrading further

Goldman Sachs’ Global Head of Platform Solutions, Stephanie Cohen, announced this week that she is set to depart for a new role at Cloudflare, marking yet another loss of top female talent from the renowned Wall Street firm.

Cohen, who has worked within various arms of Goldman Sachs for over 25 years, ascended through the ranks to become one of the most prominent figures within the organization.

However, she is one of many female leaders to have departed the firm in recent times, seemingly highlighting the continued struggle for female executives to secure and sustain positions of leadership within the company.

Despite being one of only two women with revenue-producing roles on Goldman's 25-person management committee, Cohen's decision to leave signals a disheartening trend.

According to the Wall Street Journal’s findings, roughly two-thirds of the women who were partners at the end of 2018 have left the firm or no longer have the same title. The same can be said of just under half of male partners at the time.

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The dearth of women in top positions at the firm is particularly glaring, with only two out of eight executive officers being women, holding non-revenue-generating positions.

Other female executives who have jumped ship recently include Dina Powell McCormick, former Head of the Sovereign Business and Beth Hammack, the Co-Head of Goldman Sachs’ Global Financing Group, who was once considered as a candidate to become chief financial officer, yet who announced her departure last month.

In response to these ongoing gender inequalities among the firm’s senior leadership, top boss David Solomon has pledged to prioritize the advancement of women within Goldman Sachs.

"Advancing women into our most senior ranks is an area where we have not accomplished our goals," Solomon said in a statement.

"We are very fortunate to have extraordinary female partners that continue to increase... Our longer-term success depends significantly on developing female partners in senior roles."

However, the recent wave of departures, coupled with the absence of women in key leadership positions, highlights the urgent need for comprehensive and effective measures to address gender inequality at Goldman Sachs.

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