Finance News

Goldman Sachs loses one other govt after JPMorgan Chase poached the CFO of its Marcus enterprise

Sherry Ann Mohan, Managing Director at Goldman Sachs

Source: Goldman Sachs

Goldman Sachs continues to lose key managers in its fledgling consumer banking business.

Goldman's CFO, Consumer Business, which owns the Marcus Brand and Apple Card, joins JPMorgan Chase. This is evident from an internal memo obtained solely from CNBC.

Sherry Ann Mohan will join JPMorgan in August as Chief Financial Officer, Business Banking. This is evident from the memo that is due to be sent to employees later on Friday.

Her departure after nearly 15 years with Goldman is the latest in a series of exits from the investment bank, particularly from Marcus' consumer business. The upheaval began in late February when Omer Ismail, head of the Goldman consumer bank, joined Walmart's fintech start-up with a lieutenant.

Then, last month, JPMorgan lured Sonali Divilek, Marcus' product manager, to head the bank's digital channels. Divilek had just been promoted to Goldman after another manager, Adam Dell, resigned.

Goldman created Marcus in 2016 as his big bet that he could get into consumer banking through purely digital channels, much like fintech startups that gained millions of users during the pandemic. After offering savings and personal loans, the company added the Apple Card and introduced an investment product earlier this year.

However, according to a report last month, high pressure and a demanding product launch timeline has resulted in increased discrepancies between managers and mid-level engineers across the Marcus organization.

Investment banks often see sales around this time of year, as individuals planning to leave typically stay to receive their year-end bonuses paid out in January, February, or March. Senior departures from Goldman have included Eric Lane, co-head of the firm's wealth management department, general counsel Karen Patton Seymour, and Jake Siewert, director of global communications.

At JPMorgan, Mohan Sarah Youngwood, CFO of the broader retail division, which includes business banking, will report and join the organization's leadership teams, according to the memo.

Mohan is "an exceptional leader whose talents I have long admired and I am delighted to welcome her to our company," said Youngwood.

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