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Goldman Sachs appoints Denis Coleman as chief financial officer

Goldman Sachs Group updates

Goldman Sachs has appointed Denis Coleman as its chief monetary officer, giving David Solomon a brand new lieutenant three years into his tenure as chief government.

It’s the newest in a collection of C-suite adjustments on Wall Avenue this 12 months, and an indication of how banks are regularly selling a brand new technology of executives.

JPMorgan Chase, Morgan Stanley and Bank of America have all appointed new chief monetary officers this 12 months, amongst different senior administration adjustments.

Coleman, 47, is about to take over from Stephen Scherr as CFO on January 1, working till then as deputy CFO. Coleman is at current co-head of Goldman’s financing group, which advises the financial institution’s purchasers on capital wants.

“His robust basis throughout capital markets and danger administration place him nicely to succeed as we search to construct on our momentum throughout our consumer franchise and ship shareholder worth,” Solomon stated in an announcement.

Scherr, 57, is a 28-year Goldman veteran who was appointed CFO in 2018. It was his choice to go away the financial institution and he’s open to management positions at different corporations, in response to an individual accustomed to his departure.

Earlier than turning into CFO, Scherr was head of Goldman’s client and business banking division from 2016 to 2018, the place he helped the financial institution launch Marcus, its client lending enterprise.

Marcus has been a core a part of Goldman’s push to diversify from risky areas reminiscent of funding banking and buying and selling, transferring into extra steady lower-risk companies reminiscent of wealth administration and client banking.

“Stephen was integral to the event of key progress initiatives on the agency, together with client and transaction banking,” stated Solomon.

“In his most up-to-date position, Stephen helped to drive the agency’s strategic goals and facilitate change within the organisation, all whereas sustaining a core give attention to danger, notably through the pandemic.”

Coleman stated he was “humbled” by the appointment and meant to assist “set and execute our technique, guarantee robust danger and capital administration, and safeguard our distinctive tradition”.

Beth Hammack, Goldman’s international treasurer, will take over from Coleman as co-head of the financing group.

It’s the second massive government change at Goldman in per week after the financial institution hired ex-McKinsey managing companion Kevin Sneader to function its co-president in Asia-Pacific, months after he was ousted from the highest job on the international consulting agency.

https://www.ft.com/content material/3c83b53a-4427-4415-877b-f534ea3b379a | Goldman Sachs appoints Denis Coleman as chief monetary officer

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