A Goldman executive who runs a large part of his consumer business is furloughed.
Stephanie Cohen, who oversees Goldman’s credit card partnerships with Apple and General Motors and consumer lender GreenSky, told employees Friday morning that she was taking time off work to focus on her family.
“This is not an easy decision for me,” she wrote in a memo to employees. “This hiatus will allow me to do my best when I return to Goldman Sachs, something I’ve been proud of throughout my career.”
Cohen resigns from the company she runs during a turbulent time. Goldman is in the process of withdrawing a large portion of its consumer business after announcing that the Platform Solutions unit, now operated by Cohen, has lost billions of dollars since 2020.
Cohen started at Goldman in 1999 in mergers and acquisitions. In 2018, she became chief strategy officer and later global co-head of Goldman’s consumer and wealth management businesses. She is also a member of Goldman’s Management Committee.
Goldman reorganized its operations last year, hiring Cohen to head up Platform Solutions, which also owns mortgage lending provider GreenSky and transaction banking. Goldman wants to sell GreenSky, which it bought for $1.7 billion last year.
Philip Berlinski, CEO of Goldman Sachs Bank USA, and Chief Administrative Officer Ericka Leslie will fill in for Cohen, who plans to return to Goldman full-time.
“We look forward to welcoming Stephanie back when she is ready,” Goldman CEO David Solomon and Goldman President John Waldron wrote in a company-wide email on Friday.