After a three-month hiatus, former Goldman Sachs executive Beth Hammack has landed her next gig as CEO and president of the Federal Reserve Bank of Cleveland.
Hammack's departure from Goldman in February was just the latest sign that the glass ceiling at the investment bank is still impenetrable. Despite its pledges to diversify its management ranks, Goldman has never had a female chair, CEO, president or CFO.
I wrote for Bloomberg Opinion at the time that we don’t know exactly why Hammack decided to leave, but we have plenty of clues. The company passed her over as CFO in 2021, instead moving Hammack into a position it claimed would eventually lead to a more senior role. (Spoiler alert: it didn’t.) And that’s despite being described by colleagues and industry insiders as a “unique talent who dedicated her life to the firm,” a “deep intellect” and “bound for higher office.”
She was said to have lacked “the swagger” of Goldman’s high-fliers and kept her “ties to a number of illustrious industry figures under close wrap," encapsulating the lose-lose position in which women at Hammack’s level frequently find themselves. Too little swagger and she’s considered “atypical” for Goldman; too much and research suggests she would risk being marked as overly ambitious.
The most striking and cringe-worthy anecdote I read about Hammack came from a former Goldman executive who told Bloomberg News in 2020: “She’s brilliant and she can explain the most complicated things in standard English. Once I thought of challenging her and asked if she could explain something in a Haiku.”
There’s a metaphor there — the impossible standards women at the top are held to, the extra mile they are asked to go, how little their time is valued. And no surprise, Hammack delivered the haiku first thing the next morning. So why did she leave? Maybe she just got tired jumping through all those hoops and never landing at the top.