Goldman Sachs reshuffle gives Gnodde the nod

Richard Gnodde

The Wall Street bank confirmed on December 14 that, as expected, it has named Solomon and Harvey Schwartz as presidents and co-chief operating offices, effective January 1.

They replace Cohn, whose departure as president and COO was announced two days earlier. Cohn has joined US president-elect Donald Trump’s administration as director of the National Economic Council.

Schwartz will remain chief financial officer until the end of April, with R. Martin Chavez, previously Goldman’s chief information officer, as his deputy. From May, Chavez will be CFO.

Gnodde keeps his current roles as co-chief executive of Goldman Sachs International alongside Michael Sherwood, who in November announced his own resignation from the role at the end of 2016, as well as co-head of the investment banking division alongside David Solomon and John Waldron. Gnodde joined as a new vice-chairman by Pablo Salame, global co-head of the securities division.

Gnodde, a regular fixture on FN’s list of the most influential people in European finance, joined Goldman Sachs in London in 1987 and spent a spell running the UK investment bank. Later roles included co-head of the investment banking division in Japan and co-head of investment banking in Asia before he returned to London in 2005 as co-CEO of Goldman Sachs International. He has been a co-head of the investment banking division since 2011 and co-chairs the bank’s European management committee.

In the bank’s announcement of these promotions, Goldman Sachs chairman and chief executive Lloyd Blankfein said Solomon, Schwartz, Chavez, Gnodde and Salame had “distinguished themselves in their respective areas of expertise” and “consistently demonstrated their unwavering commitment to Goldman Sachs, our clients and our people”.

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