Goldman Sachs has shaken up its senior leadership, instigated in part by the resignation of Gary Cohn, who will be joining the new Trump administration. The US lender subsequently has opted to appoint new co-presidents and co-COOs in the wake of the move, according to a recent report on the Financial Times.
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Goldman Sachs’ acting Investment Banking Co-Head David Solomon and Chief Financial Officer (CFO) Harvey Schwartz were elevated to the new roles of Co-President and Co-COO, easily one of the biggest leadership shakeups of the year.
The latest promotions also have other far-reaching repercussions, as both are now viable candidates to eventually succeed longtime Goldman executive Lloyd Blankfein, who has been in a leading role with the lender for over a decade.
In addition, Goldman Sachs has also tapped Martin Chavez as its newest Deputy CFO, who will be replacing Mr. Schwartz in April 2017 – the void that is being created with Mr. Solomon’s promotion will not immediately be filled however.