Goldman appoints Denis Coleman as chief financial officer

Goldman Sachs Group updates

Goldman Sachs has appointed Denis Coleman as its chief financial officer, giving David Solomon a new lieutenant three years into his tenure as chief executive.

It is the latest in a series of C-suite changes on Wall Street this year, and a sign of how banks are gradually promoting a new generation of executives.

JPMorgan Chase, Morgan Stanley and Bank of America have all appointed new chief financial officers this year, among other senior management changes.

Coleman, 47, is set to take over from Stephen Scherr as CFO on January 1, working until then as deputy CFO. Coleman is at present co-head of Goldman’s financing group, which advises the bank’s clients on capital needs.

“His strong foundation across capital markets and risk management position him well to succeed as we seek to build on our momentum across our client franchise and deliver shareholder value,” Solomon said in a statement.

Scherr, 57, is a 28-year Goldman veteran who was appointed CFO in 2018. It was his decision to leave the bank and he is open to leadership positions at other companies, according to a person familiar with his departure.

Before becoming CFO, Scherr was head of Goldman’s consumer and commercial banking division from 2016 to 2018, where he helped the bank launch Marcus, its consumer lending venture.

Marcus has been a core part of Goldman’s push to diversify from volatile areas such as investment banking and trading, moving into more stable lower-risk businesses such as wealth management and consumer banking.

“Stephen was integral to the development of key growth initiatives at the firm, including consumer and transaction banking,” said Solomon.

“In his most recent role, Stephen helped to drive the firm’s strategic objectives and facilitate change in the organisation, all while maintaining a core focus on risk, particularly during the pandemic.”

Coleman said he was “humbled” by the appointment and intended to help “set and execute our strategy, ensure strong risk and capital management, and safeguard our unique culture”.

Beth Hammack, Goldman’s global treasurer, will take over from Coleman as co-head of the financing group.

It is the second big executive change at Goldman in a week after the bank hired ex-McKinsey managing partner Kevin Sneader to serve as its co-president in Asia-Pacific, months after he was ousted from the top job at the global consulting firm.

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