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Goldman Sachs Partner in Technology Investments, Rana Yared, Leaves Firm

Rana Yared will become general partner at a venture capital firm.
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Rana Yared, a partner at Goldman Sachs  (GS) - Get Free Report who helped lead the bank’s strategic investments in technology, particularly financial technology, is leaving the firm.

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.

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The author owns shares of Goldman Sachs.