Alan Cohen, Goldman Sachs' head of global compliance, is stepping down after 13 years' service.

Cohen, who will now be a senior advisor to Goldman Sachs' executive office, will be replaced by controller and chief accounting officer Sarah Smith, according to an internal memo.

Cohen joined the New York-headquartered investment bank in 2004 from law firm O'Melveny & Myers, where he was a partner, and had served as Goldman Sachs' compliance head since.

Smith joined Goldman Sachs in 1995 as a vice president in finance and had held various positions before starting her current job in 2002. In 1998, she was named managing director and partner in 2002. She will be replaced by deputy controller Brian Lee.