In brief
Goldman Sachs' top lawyer, Kathryn Ruemmler, has stepped down amidst controversy regarding her past associations with the late financier Jeffrey Epstein. Disclosures, including email communications where she referred to Epstein as 'Uncle Jeffrey' and accepted lavish gifts, prompted scrutiny. While CEO David Solomon expressed gratitude for her advice, Ruemmler's departure is seen as necessary to address the reputational challenges faced by the bank due to her connections with Epstein. Her resignation will take effect on June 30.
Goldman Sachs' top lawyer, Kathryn Ruemmler, has announced she will step down from her role after months of pressure over her friendship with the late sex offender Jeffrey Epstein.
Emails disclosed by the US justice department show she referred to the disgraced financier in emails as 'Uncle Jeffrey', advised him on how to push back against media scrutiny, and accepted luxury gifts from him.
Ruemmler stated, 'My responsibility is to put Goldman Sachs' interests first.' Previously serving as White House counsel under Barack Obama, her decision to resign is seen as a move to help the bank manage reputational risks. Her resignation is effective June 30.
Goldman CEO David Solomon thanked her for her 'sound advice' during her tenure, marking her as an extraordinary general counsel and a valued mentor within the company.
Though no criminal wrongdoing has been implied by her associations, the situation created a significant public relations headache for Goldman Sachs, especially as Ruemmler headed its reputational risk committee.
In her recent statements, Ruemmler insisted that she only knew Epstein as a lawyer and had no knowledge of his criminal conduct. Her resignation follows the release of numerous documents revealing her communications with Epstein, which included requests for media strategy advice related to his previous convictions.
Goldman Sachs emphasized that Epstein's habit of lavishing gifts on business contacts was well-known, downplaying the implications of Ruemmler's associations.
Ruemmler’s exit is not an isolated incident; it comes amid a series of resignations and controversies involving Epstein disclosures, notably involving other prominent figures.
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