American investment bank Goldman Sachs has appointed John Waldron as its new president and COO as part of a wider management reshuffle.

Waldron, who joined the group in 2000, will assume the new responsibility on 1 October 2018.

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He previously led global investment banking services/client coverage for Goldman Sachs’ investment banking division and also served as the global co-head of the financial sponsors group.

CFO appointed

Besides, the bank appointed Stephen Scherr as its new CFO, effective 5 November 2018.

Scherr, who joined Goldman Sachs in 1993, was CEO of Goldman Sachs Bank USA and also leads the consumer and commercial banking business.

He will replace Marty Chavez, who will now serve as vice chairman and co-head the securities arm with Ashok Varadhan and Jim Esposito.

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The management changes follow the appointment of David Solomon as the new CEO of Goldman Sachs.

Solomon will assume the new role on 1 October 2018, replacing Lloyd Blankfein.

“John and Stephen will work closely with me to develop and execute our strategy, grow our client franchise, ensure strong risk and capital management and safeguard our unique culture. I have worked with John and Stephen for nearly two decades and am confident that they bring the right complement of skills to help lead the firm through their respective roles,” Solomon stated.