One of the most senior women at the US firm is leaving its asset management division. She will be an advisory director.

Sheila Patel, chairman of Goldman Sachs Group’s asset-management unit, is leaving the $1.8 trillion division after almost two decades at the firm. 

Patel will step down from the partnership and become an advisory director this year, chief executive David Solomon is quoted saying in a memo (source: Bloomberg, 28 December 2020). Goldman Sachs confirmed the report to this publication when asked about the matter. 

“Sheila has contributed to our culture, including by serving as a mentor to many Goldman Sachs professionals around the world,” Solomon said. “I look forward to benefiting from her continued counsel.”

Patel rose to senior positions at Goldman Sachs in 2006 when she was named partner within three years of joining the firm. A member of the bank’s management committee in Europe, she has overseen the fast-growing areas of environmental, social and governance and impact investing.

Before joining the asset-management unit, Patel worked in various roles in the equities division, including as co-head of distribution in Asia and head of US derivatives sales.