When a memo landed in Goldman Sachs inboxes earlier this year announcing that Mike Koester was leaving the firm, there were audible gasps at the bank’s headquarters in lower Manhattan.
The departure of the 25-year Goldman veteran, co-president of the group’s alternative investments business, stunned staff, with one employee describing Koester as a “beloved” figure inside the bank. “If you don’t have aspirational mentors, it becomes difficult to stay,” they added.
It is one of several recent high-profile exits from Goldman, which have added to chief executive David Solomon’s struggles in the past 12 months as he pares back an expensive foray into consumer banking at a time when the firm’s financial performance is still lagging behind rivals.