“John as well as Stephen will work closely with me to develop as well as execute our strategy, grow our client franchise, ensure strong risk as well as capital management as well as safeguard our unique culture,” Solomon said within the announcement. “I have worked with John as well as Stephen for nearly two decades as well as am confident that will they bring the right complement of skills to help lead the firm through their respective roles.”
The management turnover represents the rise of veteran investment bankers over traders at Goldman Sachs. Blankfein had been a precious metal salesman as well as rose through the ranks of the trading division, which has dominated the firm for much of its history as a publicly traded company.
Solomon, Waldron as well as Scherr all have deep roots within the investment banking side. Advisory as well as capital markets desks have proved to be more dependable sources of revenue compared with trading, which has never recovered through a 2009-2010 high water mark as regulation as well as calm markets stifled activity.
While Waldron’s promotion was expected, This specific was originally thought that will he could have a co-president, perhaps someone who hailed through the firm’s trading division.