Dina Powell McCormick, probably the most powerful women on Wall Street, will leave Goldman Sachs for a newly created position at a merchant bank run by former partners within the investment firm.
Powell McCormick, 49, will join BDT & MSD, an investment and advisory firm led by Gregg Lemkau – once considered a contender for Goldman’s CEO position – and Byron Trott.
Her departure follows quite a few high-profile departures from Goldman boss David Solomon – including former chief financial officer Stephen Scherr, Goldman head of consumer Omer Ismail and former chief operating officer Eric Lane
The Egyptian-born banker will turn into vp of BDT & MSD and president of world client services, constructing on business with existing clients in addition to nurturing relationships with institutional investors and sovereign funds, sources close to the situation told The Post.
“Dina is world-class in her relationship skills,” Lemkau said in a Tuesday statement. “He has a tremendous ability to bring groups together.”
Powel McCormick was Goldman’s global head of sovereign business, where she developed relationships with sovereign wealth funds – especially those within the Middle East, which have turn into critical to Wall Street fundraising over the past few years.
![Dina Powell McCormick leaves Goldman Sachs after more than a decade with the company.](https://nypost.com/wp-content/uploads/sites/2/2023/05/GettyImages-1176852827.jpg?w=1024)
“I thank Dina for her significant contributions to Goldman Sachs, our clients and our employees, and need her and her family all the most effective within the years ahead,” said Solomon.
She worked at Goldman from 2007 to 2017 before leaving for a brief period as Assistant National Security Advisor for Strategy under President Donald Trump. Powell McCormick returned to Goldman in 2018.
Powel McCormick is married to David McCormick, who worked within the George W. Bush administration and later served as CEO of hedge fund firm Bridgewater Associates. Last yr, her husband lost to celebrity doctor Mehmet Oz for the Pennsylvania Republican nomination for a U.S. Senate seat by about 1,000 votes.
Lemkau left Goldman in 2020 to lead MSD Partners, a family office founded by Michael Dell that has expanded to include outside investments.
BDT & MSD Partners merged last fall.
![David Solomon](https://nypost.com/wp-content/uploads/sites/2/2023/04/NYPICHPDPICT000009583080.jpg?w=1024)
Trott said Powell McCormick will help boost BDT & MSD’s efforts to advise and put money into women-led corporations, according to the Wall Street Journal, which first reported her departure.
The news of Powell McCormick’s departure comes as Goldman plans one other round of job cuts – the third in lower than a yr – as deal profits proceed to fall, sources told The Post on Tuesday.
The bank will slaughter an extra 250 staff after shedding 3,200 staff in January in what staff dubbed “David’s Demolition Day,” the source said.
The most recent layoffs could are available the following few weeks, with cutbacks affecting employees at every level, including managing directors and other senior executives, according to the Wall Street Journal.
Last September, the Wall Street giant, which had 45,000 employees, suffered between 1% and 5% underperforming.