Goldman Sachs hires Alphabet tech incubator CEO Jared Cohen for new innovation group

Goldman Sachs CEO David Solomon has hired another senior executive from the technology sector.

The investment bank is adding Alphabet‘s Jared Cohen, a protege of former Google CEO Eric Schmidt and founder of Jigsaw, an incubator at the tech giant, to help start a new innovation group, Solomon said Tuesday in a memo obtained by CNBC.

It’s the latest step Solomon has taken to inject a technology focus into the 153-year-old investment bank. The group, called the office of applied innovation, will be led by Cohen and co-chief information officer George Lee. In 2019, Solomon hired former Amazon Web Services executive Marco Argenti as co-chief information officer.

“Working closely with leaders across Goldman Sachs, George and Jared will specifically identify and advance commercial opportunities for the firm that are at the intersection of a changing global marketplace, shifts in the geopolitical landscape and rapidly evolving technology,” Solomon said. They will report directly to Solomon.

Cohen is joining New York-based Goldman at its senior-most rank: He’ll be a partner and management committee member and will also serve as president of global affairs, Solomon said.

The moves leave Argenti as sole chief information officer, starting in October, he added.