Goldman Sachs names Carey Halio treasurer as Philip Berlinski exits

Another top Goldman Sachs executive also bounced around the co-op.

Goldman CEO David Solomon has named Carey Halio the investment bank’s new finance chief, replacing Philip Berlinski, who spent 24 years at the Wall Street giant.

Berlinski will become executive director of Millennium Management, a $62.2 billion hedge fund led by billionaire Israel Englander. The hedge fund has poached several former Goldman partners in recent years. According to the Financial Times.

Carrie Halio has been promoted to head of finance at Wall Street investment banking giant Goldman Sachs. goldman sachs
Mr. Hario replaces Philip Berlinski, who is leaving Goldman after more than 20 years. LinkedIn / Philip Berlinski

Mr. Berlinski’s departure is the latest in a number of high-profile departures at Goldman.

Jim Esposito, who had been seen as a potential successor to CEO Salomon, announced his resignation in late January after it became clear that his path to the top was closed.

Meanwhile, Halio’s promotion comes after criticism that Solomon was not doing enough to increase female representation in the company’s executive ranks.

Weeks after Esposito’s departure, Beth Hammack, co-head of Goldman’s finance group, announced her resignation.

Mr. Solomon’s other potential successor, Stephanie Cohen, who heads Goldman’s consumer and wealth division, announced her resignation last month, ending her 25-year tenure at the bank.

Cohen will become chief strategist at San Francisco-based technology company Cloudfare.

Earlier this year, Beth Hammack, Goldman’s co-head of global finance, announced she was retiring. LinkedIn / Beth Hammack

Several female Goldman partners said they recently had dinner with Mr. Solomon, during which they discussed the death of a female bank executive.

Solomon also reportedly angered the bank’s veteran partners, who were unhappy about being removed from the senior committee.

The chief executive has also been blamed for some of the bank’s financial failures, including its ill-fated foray into consumer lending.

Two partners, Mark Soler, co-chair of London’s mergers and acquisitions division, and Gonzalo Garcia, co-head of its European investment banking division, reportedly threatened to resign over the issue earlier this year. There is.

Hario will be responsible for the company’s balance sheet, which has assets of more than $1.6 trillion. She is scheduled to begin her post on June 1st.

Stephanie Cohen, once considered a potential successor to Mr. Solomon, resigned from Goldman last month. Reuters

“As a lifelong leader at the company with experience working in several divisions of the company and partnering with leaders across the organization to advance strategic priorities, Carey brings significant expertise and perspective to her new role. ,” Solomon wrote in a memo to employees. .

“Mr. Carey will continue to oversee the company-wide strategy team on an interim basis.”

Goldman Sachs CEO David Solomon’s leadership has been criticized internally, particularly over the bank’s expansion into consumer lending. Reuters

Mr. Halio started at Goldman in 1999 as a summer associate and was promoted to partner in 2016, overseeing a division with 900 employees.

Last May, Goldman paid $215 million to settle a class action lawsuit brought more than a decade ago by female employees alleging gender-based pay discrimination and sexual harassment.