Goldman revealed the move in an internal announcement Wednesday. Yaredwas a partner in Goldman’s principal strategic investments team. That team invests Goldman’s own capital in young technology companies.
Yared plans to join a venture capital firm as a general partner, a knowledgeable source told TheStreet. Goldman named her a partner in 2018 at just 34 years old. She joined the firm in 2006.
While Yared is leaving, Goldman CEO David Solomon is trying to bring more women into high-level positions.
The firm has struggled for much of the time since the financial crisis as its vaunted trading operation sputtered and stricter bank regulation curbed its profit-making opportunities. Some analysts viewed Goldman as adrift under the stewardship of Lloyd Blankfein, who retired as CEO in 2018.
Morningstar analyst Michael Wong has a somewhat positive outlook on the bank now. “Narrow-moat Goldman Sachs' overhanging issues should clear in the next quarter or so,” he wrote in a report last month.
Those issues include the 1MDB scandal for which Goldman took a charge of $1.1 billion in the fourth quarter. Investors also are focusing on what new strategies Solomon will adopt. Wong puts Goldman’s fair value at $250.
At last check, the shares traded at $244.06, up 0.88%. The stock has gained 27% over the past year, compared to 22% for the S&P 500.
The author owns shares of Goldman Sachs.