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Goldman prepares to name new president, finance chief

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Goldman Sachs has named consumer bank chief Stephen Scherr as its new chief financial officer and investment banker John Waldron as its new president in a keenly awaited leadership revamp by incoming chief executive David Solomon.

The bank also announced that its current chief financial officer, Martin Chavez, would become a vice-chairman of the firm and co-head of its securities division.

“John, Stephen and Marty each bring deep, critical experience to their new roles,” said outgoing chief executive Lloyd Blankfein on Thursday.

“As the firm prepares for the next phase of growth, I am pleased that Marty will help lead our Securities business as it continues to undergo rapid transformation, and I am confident that John and Stephen will represent a strong, effective management team under David’s leadership.”

Mr Solomon, currently the bank’s chief operating officer and president, is set to take over as chief executive on October 1 following the end of Mr Blankfein’s 12-year run in the top job.

Mr Solomon has already made some leadership changes, including appointing veteran fixed income executive James Esposito as co-head of the bank’s securities division.

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