Goldman Sachs has appointed Denis Coleman as its chief financial officer, giving David Solomon a new lieutenant three years into his tenure as chief executive.
Coleman, 47, is set to take over from Stephen Scherr as CFO on January 1, working until then as deputy CFO. Coleman is currently co-head of Goldman’s financing group which advises the bank’s clients on capital needs.
“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,” Solomon said in a statement.
Scherr, 57, is a 28-year Goldman veteran who was appointed CFO in 2018. It was his decision to leave the bank and he is open to leadership positions at other companies, according to a person familiar with his departure.
“Stephen was integral to the development of key growth initiatives at the firm, including consumer and transaction banking,” Solomon said.
Coleman said he was “humbled” by the appointment and intended to help “set and execute our strategy, ensure strong risk and capital management, and safeguard our unique culture”.
Beth Hammack, Goldman’s global treasurer, will take over from Coleman as co-head of the financing group.
Goldman is in the middle of a push to diversify from volatile areas such as investment banking and trading, moving into more stable lower-risk businesses such as wealth management and consumer banking.