Goldman Sachs announces that the co-head of the global financial group, Denis Coleman, will become chief financial officer of the firm effective from 1 January 2022.
The news comes as former chief financial officer Stephen Scherr, who held the position for three years, steps down from Goldman Sachs after three decades of service.
Coleman has served as co-head of the global financing group in the investment banking division since 2018. In that role, he led the firm’s efforts to serve its clients’ capital needs while driving significant growth across products.
He serves as co-chair of the Firmwide Capital Committee and is a member of the European Management Committee, the Firmwide Investment Policy Committee, the Firmwide Asset Liability Committee, and the Firmwide Conduct Committee.
“Denis has consistently proven himself through his strong judgment and operational capability across roles of increasing responsibility, and we look forward to his contributions to the firm as chief financial officer,” says David Solomon, chairman and CEO at Goldman Sachs. “His strong foundation across capital markets and risk management position him well to succeed as we seek to build on our momentum across our client franchise and deliver shareholder value.”
Scherr will remain chief financial officer until the end of the year, before retiring from the firm at the end of January, when he will then become senior director on his retirement.
Scherr joined Goldman Sachs in 1993 as an associate in the financial institutions group. In 1996, he transferred to capital markets in the then fixed income, currency and commodities division.
Subsequently, he held a number of senior roles across the firm, including COO for the investment banking division, global head of the financing group from 2008 to 2014, head of the Latin American business and the firm’s chief strategy officer from 2014 to 2017.
Solomon adds: “Stephen was integral to the development of key growth initiatives at the firm, including consumer and transaction banking. In his most recent role, Stephen helped to drive the firm’s strategic objectives and facilitate change in the organisation, all the while maintaining a core focus on risk, particularly during the pandemic.
“His work ethic, command of complexity, and unfailing commitment to the firm have served as an example to us all.”
