As we’ve discussed, Marcus Goldman Sachs, the toddler retail-banking arm of proud parents Lloyd Blankfein and Martin Chavez, is growing up fast. Not as fast as his parents would like, but all the same. Either way, the little tike is in need of more attention than his guardian, Goldman strategy chief Stephen Scherr, can give him—at least while he remains Goldman’s strategy chief. But he just lives the little guy so much that he’s giving up that high office to keep little Marcus on the straight-and-narrow.
Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014, according to a firmwide memo.
Mr. Scherr will focus full-time on running Goldman’s nascent consumer and commercial banking division, where he now oversees a few hundred employees.