Goldman Sachs continues to lose key managers at its fledgling consumer banking business.
The chief financial officer for Goldman’s consumer business, which includes its Marcus brand and the Apple Card, is joining JPMorgan Chase, according to an internal memo obtained exclusively by CNBC.
Sherry Ann Mohan is joining JPMorgan as chief financial officer for business banking in August, according to the memo, scheduled to be sent to employees later Friday.
Her departure after nearly 15 years at Goldman is the latest in a string of exits from the investment bank, particularly at its Marcus consumer business. The upheaval began in late February when Omer Ismail, head of Goldman’s consumer bank, along with a top lieutenant left to join Walmart‘s fintech start-up.
Then, last month JPMorgan lured Sonali Divilek, the head of product for Marcus, to become the bank’s head of digital channels. Divilek had just been promoted at Goldman after another executive, Adam Dell, had stepped down.
Goldman created Marcus in 2016 as its big bet that it could break into consumer banking through digital-only channels, much like fintech start-ups that have gained millions of users during the pandemic. After offering savings and personal loans, the firm added the Apple Card, and this year unveiled an investing product.
But high pressure and a demanding schedule of product rollouts has resulted in elevated departures among midlevel managers and engineers throughout the Marcus organization, according to a report last month.
Investment banks often see turnover around this time of year because people planning to leave typically stick around to receive their year-end bonuses paid out in January, February or March. At Goldman, high-level departures included Eric Lane, co-head of the firm’s asset management division, general counsel Karen Patton Seymour, and global communications chief Jake Siewert.
At JPMorgan, Mohan will report to Sarah Youngwood, CFO of the broader retail division that includes business banking, and join leadership teams for the organization, according to the memo.
Mohan is “an exceptional leader whose talents I’ve long admired, and I’m thrilled to have her join our company,” Youngwood said.
This story is developing. Please check back for updates.
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