Goldman Sachs is turning into a goldmine for the future Trump administration team. The bank’s No. 2 executive Gary Cohn is leaving to join the Trump administration as its chief economic advisor, according to an article in the Wall Street Journal by Liz Hoffman.
Steve Mnuchin, a former executive at Goldman Sachs and former chairman of OneWest Bank, is the other member coming to the Trump team from Goldman Sachs. Trump announced at the end of November that he selected Mnuchin to lead the Department of the Treasury.
Due to Cohn leaving, the bank has had to make a handful of leadership changes.
From The Wall Street Journal:
For years, Wall Street had waited to see whether Cohn would rise to Goldman’s top perch.
Instead, Mr. Cohn’s departure signals CEO Lloyd Blankfein likely intends to lead the firm for several more years.
Goldman Sachs Group Inc. will elevate David Solomon and Harvey Schwartz to serve as top lieutenants to Chief Executive Lloyd Blankfein.
The promotions of Mr. Solomon, who co-heads Goldman’s investment-banking division, and Mr. Schwartz, its CFO since 2013, will bring about the most significant top-level management change at the firm in a decade.
The two men will share the role of second in command, the people said. Goldman has a history of co-executives, especially in the No. 2 slot.