Goldman Sachs shakes up top team as Solomon prepares to take the helm
US bank Goldman Sachs has installed a new chief finance officer and new chief operating officer as incoming chief executive David Solomon prepares to take control.
The bank named Stephen Scherr as its new finance boss, replacing Martin Chavez.
Chavez, who has served as finance chief since May 2017, will return to the bank’s trading division where he will be one of three co-heads.
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John Waldron will become the firm’s president and chief operating officer having previously been co-head of its investment banking division.
Solomon said in a statement: “I have worked with John and Stephen for nearly two decades and am confident that they bring the right complement of skills to help lead the firm through their respective roles.”
Current boss Lloyd Blankfein said: “I am confident that John and Stephen will represent a strong, effective management team under David’s leadership.”
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Solomon was appointed to succeed Blankfein as Goldman’s chief executive in July, having seen off the challenge of his co-chief operating officer Harvey Schwartz who abruptly resigned from the bank in March.
Solomon will take the top job on 1 October, facing challenges such as trying to generate another $5bn (£3.8bn) in annual revenue, grow its nascent consumer bank and change the way it approaches trading.