Goldman Sachs has made another big change to its leadership team ahead of David Solomon, the incoming Chief Executive Officer, coming in to take charge of the multinational investment bank.
According to an internal memo seen by Reuters, Tim O’Neill has been named as vice-chairman. O’Neil has been with Goldman Sachs since 1985. Five years later and he was named as a partner of the Wall Street bank.
O’Neill’s most recent position was the co-head of the firm’s investment management division. He is also a board member for several institutions and companies such as Georgetown University, Investment Committee of the Smithsonian Institution and the Global Atlantic Financial Group, to name a few.
The memo also reportedly said that Richard Gnodde, a Vice Chairman of the bank and the CEO of Goldman Sachs International, will have expanded responsibilities. This will be in Europe, the Middle East, and Africa.
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Gnodde originally joined Goldman in 1987 in London. He started off working for the firm in its merger department. Ten years later, he was the Co-Head of the Investment Banking Division (IBD) in Japan. The beginning of Gnodde’s career at Goldman was focused on Asia. During this period he helped expand Goldman’s footprint in Asia, including securing access to China’s Securities markets.
In 2005 he returned to London, and in 2006 he became the Co-CEO of Goldman Sachs International. Gnodde has been a Managing Director at the firm since 1996 and became a Partner in 1998.
Goldman Sachs Is Making Big Changes to Its Leadership Team
The changes to O’Neill’s and Gnodde’s roles comes just days after Goldman revealed some major changes to its top leadership team. Last Friday, Finance Magnates reported that John Waldron had been appointed to the bank’s second most powerful role – Chief Operating Officer – effective from October 1, 2018.
It was also revealed that 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. Scherr will be replacing the current CFO, Martin Chavez. Chavez will become Vice Chairman of the firm. He will also Co-Head the Securities Division with Ashok Varadhan and Jim Esposito.