Goldman Sachs taps Jemma Wolfe, Stephan Lambert to lead CWM strategy

  • Goldman Sachs has named two veterans of firm’s strategy team to new key roles in its consumer and wealth management group.
  • Jemma Wolfe and Stephan Lambert will lead the newly formed CWM Strategy team.
  • Consumer and wealth management is one of Goldman’s four divisions, housing its Marcus business and private-banking services.
  • Visit Business Insider’s homepage for more stories.

Goldman Sachs is adding some serious firepower to its efforts to beef up its consumer and wealth management division.

The Wall Street bank on Friday named two executives who previously worked on the firmwide strategy team to spearhead a newly formed group devoted to consumer and wealth-specific strategy and acquisitions. 

Jemma Wolfe and Stephan Lambert will head up the new team, according to an internal memo seen by Insider which was sent on Friday by Tucker York and Stephanie Cohen, the consumer and wealth group’s co-heads.

“The CWM Strategy team, in partnership with the Firmwide Strategy team, will work with us and each business across CWM to identify and execute on new opportunities to futher grow our industry-leading businesses and find new ways to enhance our offering for our clients and customers,” York and Cohen wrote in the internal memo. “In their new roles, Jemma and Stephan will work closely with many of you and Firmwide Strategy to evaluate growth opportunities, whether through organic builds, partnerships, acquisitions or strategic investments.”

Previously, Wolfe and Lambert both held roles in the orbit of Cohen, a partner at Goldman who was the firm’s chief strategy officer until last year, when she was promoted.

Cohen and York were named co-heads of the consumer and wealth management group in September. York previously ran Goldman’s private-wealth business.

Read more: Goldman Sachs just shook up its divisions to create a new consumer and wealth-management arm that will be run by Stephanie Cohen and Tucker York

Leading Wall Street institutions have sought to deepen their consumer and wealth-management offerings in recent years. For banks like Goldman, this push is in part to provide more recurring, fee-based revenues and help counterbalance more volatile business lines like trading.

In 2019, Goldman spent $750 million to acquire United Capital, which evolved into Goldman Sachs Personal Financial Management; it was Goldman’s biggest acquisition in 20 years.

In 2020, the firm announced that it was diving deeper into the world of independent financial advice by buying Folio Financial, a small custody, financial-technology, and clearing company primarily serving registered investment advisers.

Goldman rival Morgan Stanley spent $7 billion on investment manager Eaton Vance, and shelled out an estimated $13 billion in stock to acquire E-Trade.

And Jamie Dimon, chief executive of JPMorgan Chase, previously said that America’s largest bank by assets is open to acquisitions of its own.

“If you’ve got brilliant ideas, give me a call,” Dimon said at the virtual US Financial Services Conference hosted by Goldman Sachs in December. “If you’re a competitor investment bank and you bring the idea, you get the fee.”

Wolfe and Lambert have been involved in key Goldman activities in recent years

Goldman’s consumer and wealth management group houses franchise like its consumer bank Marcus, plus its wealth-management and private-banking businesses, as Insider previously reported.

Wolfe and Lambert bring a combination of skills to their new roles — Wolfe’s main focus having previously been on strategy, and Lambert’s having been on dealmaking in the financial sector.

Wolfe is a graduate of Stanford University who first joined Goldman in 2012 in its markets coverage group.

Prior to her new role within the consumer and wealth management group, she led Goldman’s Launch With GS initiative, a brainchild of Cohen’s.

The $500 million initiative, which was first introduced in 2018, seeks to connect diverse entrepreneurs and investors to capital and emerging business support. She will remain on the initiative’s Board of Advisors, the memo said. 

Read more: Goldman Sachs is hiring dozens of advisors for the firm’s wealth business, and says it’s getting a boost from companies pushing early retirements and layoffs

Lambert, who graduated from Duke University, got his feet wet at the firm as a financial institutions (FIG) investment banker.

He joined Goldman full-time in 2013 as an analyst in the investment-banking division’s financial institutions (FIG) group, having been a summer analyst in the group the year before, according to his LinkedIn page.

Since then, Lambert has worked on more than 10 acquisitions by Goldman within the last five years, including the United Capital deal, the memo said. He was also part of the launch of Goldman’s consumer-facing Marcus platform, which has expanded its lending offerings through partnerships like the Apple Card.

In 2021, Forbes named Lambert to the finance section of its annual “30 Under 30” list.

Read the full memo Stephanie Cohen and Tucker York sent announcing the new consumer and wealth management Strategy team

From: Tucker York and Stephanie Cohen

January 22, 2021
Announcing the Formation of the CWM Strategy Team

We are pleased to announce the formation of the CWM Strategy team, which will be co-led by Jemma Wolfe and Stephan Lambert. The CWM Strategy team, in partnership with the Firmwide Strategy team, will work with us and each business across CWM to identify and execute on new opportunities to further grow our industry-leading businesses and find new ways to enhance our offering for our clients and customers. In their new roles, Jemma and Stephan will work closely with many of you and Firmwide Strategy to evaluate growth opportunities, whether through organic builds, partnerships, acquisitions or strategic investments. We recognize that innovation is happening all around us, and the team will keep an active pulse on current and future trends in our industry.

Most recently, Jemma was head of Launch With GS in Firmwide Strategy, where she built and led the firm’s $500 million strategy to invest in companies and emerging managers led by diverse teams. Jemma is a member of the firmwide Launch With GS Board of Advisors. Previously, Jemma led strategy for the Markets Solutions Group within Private Wealth Management. She joined the firm in 2012 in the Markets Coverage Group in the Investment Management Division.

As a member of the Firmwide Strategy team, Stephan focused on driving strategy, acquisitions and corporate development across Consumer, Wealth Management, Asset Management and Transaction Banking. He has contributed to more than 10 acquisitions for the firm over the last five years, including the acquisition of United Capital (now Personal Financial Management), and to the launch of our Marcus and Transaction Banking businesses. Stephan joined the firm in 2013 in the Financial Institutions Group within the Investment Banking Division.

Please join us in wishing Jemma and Stephan continued success in their new roles.

Tucker York
Stephanie Cohen