Finance

Goldman Sachs promotes Carey Halio to global treasurer

Published

1 year ago

April 12, 2024

Carey Halio, Goldman Sachs’ head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter.

Her new role, effective June 1, encompasses authority over the firm’s more than $1.6 trillion balance sheet, with responsibilities including overseeing the firm’s liquidity, funding and capital. She will report to Denis Coleman, Goldman Sachs’ chief financial officer.

Philip Berlinski, the previous global treasurer, is leaving the bank to become co-chief operating officer of Millennium Management, a $62 billion hedge fund, according to the Financial Times.

As part of her new role, Halio will oversee a team of about 900 people, the people familiar said. She will also serve on the management committee.

“As a tenured leader of the firm with experience working in several of our divisions and partnering with leaders across the organization to drive our strategic priorities forward, Carey will bring important expertise and perspectives to her new role,” Goldman Sachs CEO David Solomon said in a memo, obtained by CNBC. “Carey will continue to oversee our Firmwide Strategy team on an interim basis.”

Before running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. She joined the firm in 1999 as a summer associate in credit risk and rejoined the following year, ultimately becoming the head of the Americas Financial Institutions team in credit risk.

Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations.

Goldman Sachs is slated to report first-quarter earnings Monday.

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Finance

Musk says ‘eyebrow raiser’ $2.5 Fed building expansion should be subject to scrutiny

Published

4 minutes ago

May 1, 2025

Business Finance News

Construction work is done around the Federal Reserve building on September 17, 2024 in Washington, DC.

Anna Moneymaker | Getty Images News | Getty Images

As he exits his efforts to curtail wasteful government spending, Elon Musk took one last shot, calling into question the $2.5 billion Federal Reserve building renovation.

In a rare interview with print reporters, the initiator of the Department of Government Efficiency advisory board said the price tag for the central bank operation “sounds high.”

“I mean, what do you get for two and a half billion dollars in redecorating? Must be incredible,” the Tesla CEO said.

The Fed began the project in 2021 with an initial price tag of $1.9 billion. Since then, multiple factors have converged to drive up costs, including rising costs of materials, construction delays, changes in the design and site problems.

Among the goals for the renovation are dealing with a backlog of upgrades, meeting building codes and regulations, updating technology and addressing energy efficiency. Fed officials say the changes ultimately will save money by consolidating staff into one space, which will reduce leasing costs, “and provide a modern, efficient workspace for employees to conduct their work on behalf of the American people.”

Musk, though, said the cost overruns should be part of the broader examination over government waste. DOGE claims to have saved taxpayers $160 billion during its short operating life looking through the government’s books.

“Since, at the end of the day, this is all taxpayer money, I think … we should certainly look to see if indeed the Federal Reserve is spending two and a half billion dollars on their interior designer,” Musk said. “That’s an eyebrow raiser, you know? They’re like, can we see pictures of what you get for that?”

The Fed is not actually funded by taxpayers but rather by the interest the central banks earns on its securities as well as fees from banks it supervises. Members of the Fed Board of Governors are, however, paid through taxpayer money.

Normally, the money the Fed earns beyond its operating costs are paid back to the Treasury. However, the past two years the central bank has seen operating losses due to rising interest rates that it must pay on bank reserves.

As for the renovation, documents filed with the National Capital Planning Commission note that, “While there have been regular modifications and renovations to the building over its 80-year history, many of the building systems are at the end of their useful life, and the building no longer fully serves the Board’s needs.”

Fed officials did not immediately respond to a request for comment.