Summary List PlacementGoldman Sachs’ consumer business has looked to the bank’s own ranks for a new chief financial officer.
Liz Ewing, a managing director at the bank, has been promoted to CFO of its consumer business, which includes the digital bank Marcus and products like Goldman’s Apple Card, according to an internal memo sent to all consumer employees Monday that was viewed by Insider.
Ewing was previously the chief of staff to Goldman Sachs CFO Stephen Scherr, a position in which she had served since October of 2019. As part of her work in the bank’s executive office, she led a financial planning and analysis initiative to overhaul Goldman’s budgeting process, the memo said.
Prior to Ewing’s work for Scherr, she co-managed Goldman’s Regulatory Policy team. As part of that department, Ewing oversaw capital issues at the bank like regulatory stress tests and transaction advisory and structuring, according to her LinkedIn. She joined Goldman Sachs in 2011 from consulting giant KPMG.
Ewing replaces former consumer CFO Sherry Ann Mohan, who left Goldman in May to join JPMorgan Chase, where she’s will serve as CFO of the firm’s business-banking division beginning in August.
As part of the promotion, Ewing will also sit on Goldman’s Consumer Operating Council, reporting to partner Brian King, consumer chief risk officer and head of business operations.
King himself is a recent addition to Goldman Sachs’ consumer division, which he rejoined this May after leaving just last year to head up Wells Fargo’s consumer and small-business banking risk operations. Previously, King had been a managing director and chief risk officer for consumer products like Goldman’s Apple Card and Marcus.
Goldman’s consumer business has seen a recent turnover in talent as insiders described a breakneck culture that has seen executives and engineering talent alike depart the bank. Two top Goldman partners, former consumer head Omer Ismail and former head of large partnerships David Stark, both left for Walmart’s upstart fintech earlier this year.
But Goldman Sachs has also replenished its consumer ranks by hiring from banks and tech companies alike. In addition to King, the bank announced the hiring of a new consumer head in May when it poached a top Uber engineering exec, Peeyush Nahar, to replace Ismail. Nahar officially joined the bank on June 1.
Goldman has also said it plans to hire up to 300 engineers in its consumer business in 2021.
Read the full memo announcing the promotion of Ewing:
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June 14, 2021
Liz Ewing Joins Consumer as Chief Financial Officer
We are pleased to announce that Liz Ewing will become the Consumer chief financial officer, responsible for budgeting, reporting, financial planning and analysis across products. She will join the Consumer Operating Council, to help drive financial growth and efficiencies across the business. In this capacity, she will report to Brian King.
Prior to assuming this role, Liz worked as chief of staff to the firm’s chief financial officer, Stephen Scherr, and led an FP&A initiative to upgrade the firm’s budgeting process and tooling. Preceding the chief of staff role, she co-managed the Regulatory Policy team, where she focused on capital and other prudential regulations. In addition to working externally with industry groups, peer banks and regulators, Liz advised internally on trade structures, capital planning, competitor analysis and rule changes, and coordinated board reporting related to capital management and stress testing. She joined the firm as a vice president in 2011 and was named managing director in 2017.
We have no doubt that the comprehensive experience which Liz brings, will support the continuous expansion of the Consumer business. Please join us in congratulating Liz on her role and wishing her continued success.
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