Goldman Sachs Group Updates
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Goldman Sachs has appointed Denis Coleman as chief financial officer, giving David Solomon a new lieutenant three years after his tenure as chief executive.
It’s the latest in a series of changes to suite C on Wall Street this year and a sign of how banks are gradually promoting a new generation of executives.
JPMorgan Chase, Morgan Stanley and Bank of America have appointed new chief financial officers this year, among other changes in management.
Coleman, 47, will take over from Stephen Scherr as chief financial officer on Jan. 1, working until then as deputy chief financial officer. Coleman is currently co-director of Goldman’s financing group, which advises bank customers on capital needs.
“Its strong capital markets and risk management position it well for success as we try to leverage our momentum in our customers’ franchise and deliver value to shareholders, ”Solomon said in a statement.
Scherr, 57, is a 28-year Goldman veteran who was named chief financial officer in 2018. It was his decision to leave the bank and he is open to leadership positions at other companies, according to a person familiar with the his departure.
Prior to becoming CFO, Scherr was head of Goldman’s commercial and consumer banking division from 2016 to 2018, where he helped the bank launch Marcus, its consumer lending company.
Marcus has been a key part of Goldman’s drive to diversify from volatile areas such as investment banking and commerce, moving to lower-risk businesses such as wealth management and consumer banking.
“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 said he was “humiliated” by the appointment and intended to help “establish and execute our strategy, ensure strong risk and capital management, and safeguard our unique culture.”
Goldman world treasurer Beth Hammack will take over from Coleman as co-head of the funding group.
It is Goldman’s second major executive change in a week after the bank hired former McKinsey social manager Kevin Sneader to be its co-chair in Asia and the Pacific months after he was fired from his first job. from the global consultancy.