Goldman Sachs names new president, chief financial officer

New York (AFP) –


Goldman Sachs named a new president and chief financial officer Thursday as incoming chief executive David Solomon assembles a new team of leaders.

The new president and chief operating officer will be John Waldron, who will take over the post on October 1, the same day Solomon is scheduled to assume the corner office with the departure of Lloyd Blankfein. Waldron joined Goldman in 2000 and has served most recently as co-head of the investment banking division.

Goldman also announced that Stephen Scherr would take over as chief financial officer from Martin Chavez, who is shifting to become co-head of the securities division and vice chairman.

Scherr joined Goldman in 1993 and currently heads the bank's consumer and commercial banking division, which has built out Goldman's digital banking business focused on Main Street customers.

Goldman announced its first major entry into consumer banking in October 2016 with the establishment of the Marcus online banking platform.

The initiative has been seen as a fertile area at a time when tighter regulations have prompted the investment bank to exit some riskier ventures.