Incoming CEO David Solomon has named his team, which includes replacing the current CFO Martin Chavez.
Goldman Sachs has announced some big changes to its executive team on Friday. On Thursday the American investment bank revealed that three of the most important roles will now be held by executives who rose through the ranks through the firm’s investment banking unit.
The incoming CEO David Solomon has appointed John Waldron to the bank’s second most powerful role - Chief Operating Officer. He will also be the firm’s next president. Waldron’s new position will be effective from October 1, 2018.
Stephen Scherr, a veteran at the bank, will become the Chief Financial Officer. His position will become effective on November 5 after Goldman Sachs will have filed its third-quarter results. The final change concerns the current CFO, Martin Chavez, who Scherr will be replacing. Chavez will become Vice Chairman of the firm. He will also Co-Head the Securities Division with Ashok Varadhan and Jim Esposito.
Lloyd Blankfein, the current Chief Executive Officer of Goldman, said: “John, Stephen and Marty each bring deep, critical experience to their new roles. 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.”
Who are the Appointees?
Waldron initially joined Goldman Sachs in 2000. A year later he became managing director and then partner in 2002. Currently, Waldron is the Co-Head of the Investment Banking Division. He has held this position since 2014.
In 1993 Scherr first joined Goldman as an associate in the Financial Institutions Group. Three years later he transferred to Emerging Markets/Capital Markets in the Fixed Income, Currency and Commodities Division. During the years that followed, Scherr has held a number of senior roles. This includes his most recent position of Chief Executive Officer of Goldman Sachs Bank USA since 2016.
Chavez, on the other hand, is the current CFO, a position he has held since 2017. Chavez has been with the bank since 1993. He started off his career at the firm in the Currency and Commodities Division. Before becoming the CFO, he was the Chief Information Officer. Chavez has been a partner at Goldman since 2006.
Speaking on the executive moves, the incoming CEO, David Solomon, added: “John and Stephen will work closely with me to develop and execute our strategy, grow our client franchise, ensure strong risk and capital management and safeguard our unique culture. 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.
“Marty’s unique experience as Chief Information Officer and Chief Financial Officer will be critical to helping lead Securities and ensuring that we are best positioned to serve our clients, develop market-leading electronic platforms and deploy our capital effectively.”
Goldman Sachs has announced some big changes to its executive team on Friday. On Thursday the American investment bank revealed that three of the most important roles will now be held by executives who rose through the ranks through the firm’s investment banking unit.
The incoming CEO David Solomon has appointed John Waldron to the bank’s second most powerful role - Chief Operating Officer. He will also be the firm’s next president. Waldron’s new position will be effective from October 1, 2018.
Stephen Scherr, a veteran at the bank, will become the Chief Financial Officer. His position will become effective on November 5 after Goldman Sachs will have filed its third-quarter results. The final change concerns the current CFO, Martin Chavez, who Scherr will be replacing. Chavez will become Vice Chairman of the firm. He will also Co-Head the Securities Division with Ashok Varadhan and Jim Esposito.
Lloyd Blankfein, the current Chief Executive Officer of Goldman, said: “John, Stephen and Marty each bring deep, critical experience to their new roles. 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.”
Who are the Appointees?
Waldron initially joined Goldman Sachs in 2000. A year later he became managing director and then partner in 2002. Currently, Waldron is the Co-Head of the Investment Banking Division. He has held this position since 2014.
In 1993 Scherr first joined Goldman as an associate in the Financial Institutions Group. Three years later he transferred to Emerging Markets/Capital Markets in the Fixed Income, Currency and Commodities Division. During the years that followed, Scherr has held a number of senior roles. This includes his most recent position of Chief Executive Officer of Goldman Sachs Bank USA since 2016.
Chavez, on the other hand, is the current CFO, a position he has held since 2017. Chavez has been with the bank since 1993. He started off his career at the firm in the Currency and Commodities Division. Before becoming the CFO, he was the Chief Information Officer. Chavez has been a partner at Goldman since 2006.
Speaking on the executive moves, the incoming CEO, David Solomon, added: “John and Stephen will work closely with me to develop and execute our strategy, grow our client franchise, ensure strong risk and capital management and safeguard our unique culture. 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.
“Marty’s unique experience as Chief Information Officer and Chief Financial Officer will be critical to helping lead Securities and ensuring that we are best positioned to serve our clients, develop market-leading electronic platforms and deploy our capital effectively.”
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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