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Goldman Sachs names John Waldron its new president

Incoming CEO David Solomon named John Waldron on Thursday to be the firm’s next president and chief operating officer, among a major reshuffle in the firm

Waldron will take over the second-most-powerful position in the bank.

This marks another step in the move of Goldman Sachs Group Inc.’s investment bankers taking control of their own firm. Three of the most important roles will now be held be executives who rose through the dealmaking unit, and overhauled the masthead of a firm that for years was Wall Street’s dominant trading powerhouse.

The reversal, which began in the wake of the financial crisis, is now complete with a changing of the guard at the very top. In appointing Waldron as the firm’s next president and COO, incoming CEO David Solomon abandoned the company’s long-cherished practice of letting top performers split such weighty roles. Another rising executive, consumer- banking chief Stephen Scherr, was tapped to become chief financial officer.

Waldron who runs investment banking, will assume the new position on October 1. Scherr ill become finance chief in November.

In what was considered a surprise move, Solomon dispatched Martin Chavez, the current CFO, back to the trading division, making him the third co-head of the bank’s largest unit by revenue. This leaves open the possibility for Chavez’s star to rise within the firm again, if he can help out the division back on a stronger footing, although many doubt it can ever regain its pre-crisis glory.

Solomon had already tinkered with the trading group earlier in the summer, when he had brought on another investment banker as co-head alongside Ashok Varadhan, who just last year was looking to exit in search of other opportunities.

Lloyed Blankfein, the famed Goldman Sachs CEO, who came up through fixed-income trading, is set to step down as CEO at the end of this month. His longtime deputy, veteran trader Gary Cohn, left in late 2016 for a more high-profile stint in the white house.

-GBO Correspondent

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