Finance News

Goldman Sachs hires Alphabet tech incubator CEO Jared Cohen for brand new innovation group

Jared Cohen

Anjali Sundaram | CNBC

Goldman Sachs CEO David Solomon has hired another senior executive from the technology sector.

The investment bank is adding Alphabet’s Jared Cohen, a protege of former Google CEO Eric Schmidt and founder of Jigsaw, an incubator at the tech giant, to help start a new innovation group, Solomon said Tuesday in a memo obtained by CNBC.

It’s the latest step Solomon has taken to inject a technology focus into the 153-year-old investment bank. The group, called the office of applied innovation, will be led by Cohen and co-chief information officer George Lee. In 2019, Solomon hired former Amazon Web Services executive Marco Argenti as co-chief information officer.

“Working closely with leaders across Goldman Sachs, George and Jared will specifically identify and advance commercial opportunities for the firm that are at the intersection of a changing global marketplace, shifts in the geopolitical landscape and rapidly evolving technology,” Solomon said. Both of the men will report directly to him, Solomon added.

Cohen is joining New York-based Goldman at its senior-most rank: He’ll be a partner and management committee member and will also serve as president of global affairs, Solomon said.

The moves leave Argenti as sole chief information officer starting in October, he added.

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