Goldman Sachs tech head to step down

Goldman Sachs tech head to step down

The most senior technology executive at Wall Street firm Goldman Sachs is reported to be stepping down amid a clear out of senior partners, raising questions about the direction of Goldman's technology strategy

Elisha Wiesel, chief technology officer, joined the bank as a college graduate to work as a coder in its commodities division but is set to leave the bank to pursue a philanthropic venture, according to the Wall Street Journal. 

At least 12 partners are expected to leave the bank, including Steven Strongin, who runs the bank's research division. Goldman has also announced the departure of its chief financial officer, Marty Chavez, who preceded Wiesel as technology chief. 

In addition to slimming down its partnership structure, Goldman Sachs has undergone a significant change in strategy in recent years, targetting more consumer-led markets in what has been dubbed a move from Wall Street to Main Street.

For example, the bank purchased a personal finance app this year, the founder of which became a Goldman partner. This pivot has also led to a greater focus on technology within the bank and an effort to recruit more technology professionals, including a plan to hire 100 coders for its trading business and even a relaxation of its dress code to appeal to 75% of employees that are categorised as millennials or generation z members.

Wiesel has played a central role in some of the bank's technology initiatives including the development of its electronic trading system Marquee and the implementation of core banking systems across the bank and not in individual departments. 

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