Goldman Sachs has named Denis P. Coleman III, co-head of the bank’s Global Financing Group, as the bank’s new chief financial officer, according to a press release. His new position will take effect on Jan. 1.
He will replace outgoing Stephen M. Scherr, who has worked at the bank for 30 years and will now take the role of senior director after his retirement, the release stated.
“I am humbled to take on this new role,” Coleman said in the release. “I am energized by the opportunity and look forward to working with leadership to set and execute our strategy, ensure strong risk and capital management, and safeguard our unique culture.”
Chairman and CEO David Solomon said in the release that Coleman 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.”
He added that Coleman had strong foundations across capital markets and risk management, and those would help him in his new role, according to the release.
Coleman has been with Goldman Sachs since 1996 and worked in several departments before being named head of the EMEA Financing Group from 2016 to June 2018, the release stated. Meanwhile, Scherr has been with the bank since 1993 and served as chief financial officer since 2018.
In other news, Goldman Sachs expects an economic slowdown in the end of the year and has cut projections for the third quarter.
Read more: Goldman Economists Cut US Q3 GDP Projections
“There are now signs that the delta wave is cresting …We therefore expect a job market rebound in coming months and have also offset part of the Q3/Q4 GDP downgrade with stronger numbers in the first half of 2022,” Goldman Sachs economist Ronnie Walker wrote in a report to clients.
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