Goldman Sachs on Tuesday named former Dallas Federal Reserve Bank President Robert Kaplan as vice chairman.
Mr. Kaplan's new role at David Solomon's Wall Street behemoth brings the influential former policymaker and Goldman alum to the executive board.
Mr. Kaplan, 66, resigned as president of the Dallas Fed in September 2021, citing controversy related to his personal stock trading activities.
His resignation comes after the Wall Street Journal revealed that he executed multi-million dollar deals throughout 2020, including with major companies such as Apple, Amazon, Facebook, Delta Air Lines and Tesla. Ta.
At the time, Kaplan vowed to sell his holdings and move his money into passive investment vehicles.
He defended his record in a statement, insisting he “complied with all Federal Reserve Board ethical standards and policies.”
The Fed's internal watchdog said in January that Mr. Kaplan did not violate any laws, but created the appearance of a conflict of interest in how he invested and reported his financial activities from 2019 to 2021.
Three years later, Mr. Kaplan, who co-headed Goldman's investment banking division for more than 20 years in the late 1990s, will lead the bank's global will provide strategic advice to clients within the company. the asset management division, the bank said in a statement.
Mr. Kaplan, a Kansas native, will be based in Dallas, Texas, where Goldman Sachs plans to expand its operations. In October, the company broke ground on a three-building, 5,000-person campus in the trendy Victory Park neighborhood on the outskirts of downtown Dallas.
The nearly $500 million, 815,000-square-foot development was made possible by an $18 million tax break the city of Dallas gave the Wall Street bank last July in exchange for as many as 5,000 jobs.
However, the campus is not scheduled to open until 2027, at which point it would include underground parking, ground-level retail space, a 1.5-acre urban park, and a hotel and residential tower, according to a filing with the city of Dallas. The planning committee showed the documents.
Mr. Kaplan will work with Goldman Sachs Chairman Solomon after shareholders last month voted against a proposal to split the roles of chief executive officer and chairman, which are held by top investment bankers. .
He said in a statement that he looks forward to working with “very talented people” across the company to serve clients and strengthen and maintain its unique culture.
“Rob brings a wealth of knowledge, deep relationships and significant global leadership expertise to his role as Vice Chairman,” Solomon added in a press release.
Mr. Kaplan joined Goldman Sachs in 1983 and became a partner in 1990. He retired from the firm in 2006 to serve as Martin Marshall Professor of Management Practice and Senior Associate Dean at his alma mater, Harvard Business School.
He then served as President and CEO of the Federal Reserve Bank of Dallas from 2015 to 2021.
Mr. Kaplan's appointment to Goldman Sachs comes at a time when the bank is replenishing its strong talent pool following recent high-profile departures, including Stephanie Cohen, who led the company's consumer and fintech division. It was held on. Jim Esposito, Co-Head of Global Banking and Markets. former wealth management executive Julian Salisbury;
Last year, the bank added Tom Montag, a senior banking executive, to its board in an effort to regain some ground lost from its ill-fated foray into consumer banking.
with post wire
