Alan Cohen has kept Goldman Sachs (mostly?) honest for 13 long years. And they have been long years, what with all of the new rules and regulations and Occupiers and nosy prosecutorial types, the kind that he once was. But having outlasted his peers at the other banks, and having seen many of his colleagues gleefully tramp off to Washington to throw all of those new rules and regulations on the fire, Cohen has decided he’s too old for this s***. Someone else will have to be Goldman’s last chief compliance officer.
Mr. Cohen will become a senior adviser to the firm’s executive office, and will be replaced by the chief accounting officer, Sarah Smith, according to internal memos reviewed by The Wall Street Journal….
During his tenure, regulators ushered in dramatic changes to bank compliance. Goldman and its peers learned to live with the nearly constant presence of regulators checking trades and examining records: a time of “considerable scrutiny,” Chief Executive Lloyd Blankfein wrote in a memo announcing Mr. Cohen’s move.