Goldman Sachs’ Gary Cohn hands over to David Solomon and Harvey Schwartz

  • After almost eleven years on the job
  • “In light of President-Elect Trump’s announcement”
  • CEO Blankfein: “We will miss Gary at Goldman Sachs”

(management-change.com) — New York, December 14, 2016 — Gary Cohn, top manager of Goldman Sachs, hands over the reins. It is a change at short notice. As announced by The Goldman Sachs Group, Inc. in a news release and in a regulatory filing published on Wednesday, December 14, 2016, Gary D. Cohn leaves the post as President and Chief Operating Officer at the investment banking company after almost eleven years on the job, effective December 31, 2016.

Cohn’s duties are taken over by David M. Solomon and Harvey M. Schwartz, currently co-head of the Investment Banking Division (Solomon) and Chief Financial Officer (Schwartz) at The Goldman Sachs Group, Inc.

“In light of President-Elect Trump’s announcement”

Cohn’s move is explained as follows. Goldman Sachs said: “Gary D. Cohn, currently a Director and the President and Chief Operating Officer of The Goldman Sachs Group, Inc. …, has determined to resign from each of these positions, effective December 31, 2016, in light of President-Elect Trump’s announcement appointing Mr. Cohn as Assistant to the President for Economic Policy and Director of the National Economic Council, which position Mr. Cohn has decided to accept.”

Chaired by Lloyd Blankfein

The Goldman Sachs Group, Inc. is chaired by Lloyd C. Blankfein.

Blankfein has been the Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc. since June 2006.

On the job as President and Chief Operating Officer since 2006

Cohn’s career milestones at Goldman Sachs are:

  • President and Chief Operating Officer (or Co-Chief Operating Officer) (June 2006 – Present)
  • Co-Head of global Securities businesses (December 2003 – June 2006)
  • Co-Head of FICC (September 2002 – December 2003)
  • Co-Chief Operating Officer of FICC, Head of Commodities and other FICC businesses (variously, 1999 – 2002)
  • Head of Commodities (1996 – 1999)

Cohn will continue to be affiliated with Goldman Sachs as a senior director until joining the Trump Administration.

“Successful at any endeavor he undertakes”

On December 12, 2016, Lloyd Blankfein, Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc., had said: “Gary Cohn and I have been partners for more than 25 years, so I know better than perhaps anyone that he has the intelligence, commitment, and experience to be successful at any endeavor he undertakes.”

“We will miss Gary at Goldman Sachs”

Lloyd Blankfein further said: “We will miss Gary at Goldman Sachs, but I believe the American people and the President-Elect are fortunate that he has chosen to serve his country.”

“Make our economy stronger for all Americans”

Lloyd Blankfein added: “I am confident that Gary will bring his many talents and expertise to the White House and will do his part to make our economy stronger for all Americans.”

Cohn was widely seenas an eventual successor to CEO Lloyd Blankfein.

Read the full story in the management-change.com report 47.2016 ($).