Stephen Scherr, director of strategy and head of GS Bank USA at Goldman Sachs & Co.
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Goldman Sachs has appointed Denis Coleman as the bank’s new chief financial officer starting next year.
Coleman, the firm’s current co-director of the firm’s Global Financing Group, will take over from Stephen Scherr, who resigns as chief financial officer at the end of the year and retires in January 2022, Goldman said in a statement Tuesday.
“Denis has been consistently demonstrated through his strong judgment and operational capability in the face of growing responsibilities and we look forward to his contributions to the firm as Chief Financial Officer,” said Goldman CEO David Solomon.
The decision is the first billing instance within Solomon’s inner circle, the top executives he appointed as deputies shortly before taking over Goldman in October 2018. Scherr was part of a wave of bankers of investment that came to power after Solomon was appointed CEO, including John Waldron, who is the firm’s president and chief operating officer.
Prior to joining CFO, 57-year-old Scherr led the firm’s efforts to grow its retail banking business, Goldman’s first foray into the consumer field. He joined Goldman in 1993 as an investment banking partner and was constantly promoted to roles such as head of the financing group, head of the firm’s Latin American business and director of strategy.
“Stephen was an integral part of developing key growth initiatives in the company, including consumer and transactional banking,” Solomon said. “In his most recent role, Stephen helped drive the company’s strategic goals and facilitate change in the organization, while maintaining a basic focus on risk, especially during the pandemic.”
Coleman joined Goldman in 1996 as an analyst for the firm’s bank lending group. He became co-director of the U.S. loan capital markets and was later named co-director of U.S. leveraged finance before reaching management positions in the firm’s EMEA financing group.