Read the memos Goldman Sachs sent out to employees announcing the big management overhaul (GS)

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David Solomon Goldman Sachs

Goldman Sachs announced a big shakeup to its leadership team Thursday as incoming CEO David Solomon moved to put his management team in place before taking over from Lloyd Blankfein.

Goldman named John Waldron, one of three co-heads of the investment banking division, to president and chief operating officer, and effectively Solomon’s No. 2. Waldron’s new role will become effective Oct. 1.

Stephen Scherr, the head of the consumer and commercial banking division, will become chief financial officer, as CFO Marty Chavez shifts to become one of three co-heads of the securities division.

Here are the two memos that Goldman released to employees announcing the changes.

John E. Waldron Named President and Chief Operating Officer; Stephen M. Scherr to Become Chief Financial Officer

We are pleased to announce that John E. Waldron will become the president and chief operating officer of Goldman Sachs, effective October 1, and that Stephen M. Scherr will become chief financial officer, effective November 5 following the filing of our third quarter results.

John and Stephen will work closely with David to develop and execute our strategy, grow our client franchise, ensure strong risk and capital management and safeguard our unique culture. Having worked together over the course of their careers at the firm in a number of different businesses, John and Stephen bring the right complement of skills to help lead the firm through their respective roles.

John has played a critical role in sustaining and enhancing our global position in M&A and underwriting since being named co-head of the Investment Banking Division (IBD) in 2014. As a long-tenured leader in IBD, John has helped us to develop many of the firm’s most important client relationships and to drive our global coverage strategy.

John previously served as global head of Investment Banking Services/Client Coverage for IBD. Prior to that, while based in London, he was global co-head of the Financial Sponsors Group from 2007 to 2009. Before that, he co-headed Leveraged Finance from 2005 to 2007 and co-headed the Media and Entertainment Group in IBD from 2002 to 2005. He joined Goldman Sachs in 2000 and was named managing director in 2001 and partner in 2002.

John serves on the Management Committee, Firmwide Client and Business Standards Committee, Firmwide Business Planning Committee, IBD Executive Committee and IBD Client and Business Standards Committee.

Stephen has been chief executive officer of Goldman Sachs Bank USA since 2016. He is also head of the Consumer & Commercial Banking Division. In that role, Stephen has led our effort to build a digital consumer business that represents a significant opportunity to serve millions of new customers and meaningful new growth for Goldman Sachs.

He chairs the Goldman Sachs Bank USA Management Committee and serves on the Management Committee, Firmwide Risk Committee, Firmwide Finance Committee and Firmwide Investment Policy Committee.

Stephen joined Goldman Sachs in 1993 as an associate in the Financial Institutions Group. In 1996, he transferred to Emerging Markets/Capital Markets in the Fixed Income, Currency and Commodities Division. Over the next several years, Stephen held a number of senior roles …read more

Source:: Business Insider – Finance

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