David Solomon is not the only assertive leader at Goldman Sachs. According to sources, the firm’s asset management division has been reducing its workforce as a result. Marc Nachmann, the CEO of the Asset and Wealth Management division, has seen several top executives leave during his tenure and may soon witness yet another departure. Nachmann has clashed with experienced executives, who describe him as cold-hearted and independent-minded. While Solomon favors Nachmann, his subordinates do not share the sentiment.
Goldman employees at the firm’s Manhattan headquarters have been speculating that Laurence Stein, the EVP and COO of the group, may be the next executive driven out by Nachmann. In October last year, Stein and Nachmann were identified by the firm’s operating chief, John Waldron, as key figures in a project to update the division’s technology platform. However, insiders claim that Stein has seen a reduction in his role under Nachmann despite his intelligence and expertise. Stein himself has stated that he has been working with the broader leadership team under Nachmann to develop strategies and promote collaboration among partners.
Nachmann’s division, Asset and Wealth Management, is regarded as crucial to Solomon’s overall strategy. It has the potential to generate earnings during slow dealmaking periods and volatile markets. A spokesperson for Goldman, Tony Fratto, asserts that the partners in the division fully support Nachmann’s strategy, and the business is on track to meet or exceed its targets. However, if Stein were to leave, he would join the ranks of previous departures, including Julian Salisbury, Luke Sarsfield, and Mike Koester.
It remains uncertain where Stein might go if he were to leave. There is speculation that Salisbury, his former colleague, might bring him to Sixth Street Capital, where Salisbury currently serves as a partner and co-chief investment officer. The destination of Luke Sarsfield, who also left Goldman, is unknown at this time.
Despite the executive turmoil within the division, the wealth management side has managed to maintain stability. Tucker York, the global head of wealth management, and Sharmin Mossavar-Rahmani, the chief investment officer, have both remained at Goldman Sachs.
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