Transfer of hydride ion to the carbonyl group is the slowest or the rate determining step
$ \underset{\overset{+}{Ph - C H_{2}OH}}{Ph-\overset{\underset{||}{O}}{C}-OH} \ce{<=>} \left[ Ph - \overset{\underset{||}{O}}{C} OH + ph - \underset{\overset{|}{H}}{\overset{\underset{|}{O^{-}}}{C}}- H\right]$