Laurence Stein, the chief operating officer and executive vice president of Goldman Sachs Asset & Wealth Management, will retire at the end of the year after nearly three decades with the firm.
A spokesperson for the firm confirmed the news on Sept. 11.
"Over the past 27 years, it has been a privilege to work in every business of this extraordinary institution — I am grateful to have had the opportunity to partner with Goldman Sachs' leadership team and incredibly talented people across all levels to make a positive impact on the firm," Stein said in a news statement.
Will Bousquette will take over his duties as COO of the Asset & Wealth Management division at Goldman Sachs. Bousquette was previously the COO of Global Banking & Markets, and has been with Goldman Sachs since 1998. He will report to Marc Nachmann, who is the firm's global head of asset and wealth management.
During his 27-year-long tenure at Goldman Sachs, Stein — who is also a partner and managing director at the firm – held many different positions, including COO of the Securities Division. According to an internal memo sent to staff, Stein led the charge to help the firm adapt to a changing regulatory landscape in the wake of Dodd-Frank's enactment.
Stein also co-chaired Goldman Sachs' Americas Inclusion and Diversity Committee and served as a mentor to many individuals within the firm.
