Dina Powell McCormick, one of the most powerful women on Wall Street, will leave Goldman Sachs for a newly created role at a merchant bank run by the investment firm’s former partners.
Powell McCormick, 49, will join investment and advisory firm BDT & MSD run by Gregg Lemkau — once thought to be a contender for Goldman CEO — and Byron Trott.
Her exit comes amid a slew of high-profile departures under Goldman boss David Solomon — including former CFO Stephen Scherr, head of Goldman’s consumer business Omer Ismail and former COO Eric Lane
The Egyptian-born banker will become BDT & MSD’s vice chairman and president of global client services, building on business with existing clients as well as cultivating relationships with institutional investors and sovereign-wealth funds, sources close to the situation told The Post.
“Dina is world-class in terms of her relationship skills,” Lemkau said in a statement Tuesday. “She has an amazing ability to pull groups together.”
Powel McCormick was Goldman’s global head of the sovereign business, where she developed relationship with sovereign wealth funds — especially those in the Middle East, which have become critical for Wall Street fundraising over the last few years.
“I thank Dina for her significant contributions to Goldman Sachs, our clients and our people, and wish her and her family the very best in the years ahead,” Solomon said.
She worked at Goldman from 2007 to 2017 before leaving for a short stint as deputy national security adviser for strategy under President Donald Trump. Powell McCormick returned to Goldman in 2018.
Powel McCormick is married to David McCormick, who worked in the George W. Bush administration and later served as chief executive of hedge-fund firm Bridgewater Associates. Last year, her husband lost to celebrity doctor Mehmet Oz for the Republican nomination in Pennsylvania for a US Senate seat by roughly 1,000 votes.
Lemkau left Goldman in 2020 to run MSD Partners — the family office started by Michael Dell that expanded to include outside investment.
BDT & MSD Partners merged last fall.
Trott said Powell McCormick will help boost BDT & MSD’s efforts to advise and invest in women-run businesses, according to the Wall Street Journal, which first reported her departure.
News of Powell McCormick’s exit came as Goldman plans another round of job cuts — its third in less than a year — because deal-making profits continue to tank, sources told The Post on Tuesday.
The bank will cull an additional 250 workers on the heels of 3,200 being fired in January in what staff had dubbed “David’s Demolition Day,” an insider said.
The latest layoffs could come in the next few weeks and the cuts will hit 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 — had pink-slipped 1% to 5% of its under-performers.
This story originally appeared on NYPost
