Finance

Goldman Sachs names Denis Coleman new CFO as 30-year veteran Scherr retires

Goldman Sachs named the co-head of its global financing group as its new chief financial officer, as Stephen Scherr steps down after 30 years at the US banking giant.

Denis Coleman will take over as CFO in January next year, the bank said in a statement, in the latest senior change at Goldman, which has named new leaders of the majority of its main business units over the past year. He will move to deputy CFO until that time.

“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,” said David Solomon, chairman and chief executive of Goldman Sachs.

Coleman currently leads Goldman’s global financing unit, which works on equity and debt capital market transactions, since 2018 and has held various senior roles at the bank including head of its US leveraged finance division.

Scherr will retire after three decades at Goldman, during which he has worked across its investment bank, markets and operational roles. He also headed Goldman’s global financing unit, for seven years to 2014, and was chief operating officer for its investment banking unit.

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Solomon said in a statement that Scherr was instrumental in building out Goldman’s push away from its traditional Wall Street roots, with the bank pushing into consumer and transaction banking in recent years.

“Goldman Sachs is an incredible organisation and having participated in its growth over my 28-year career, I am proud of what we have accomplished,” Scherr said in a statement.

Coleman will be Goldman’s third CFO within the past four years. Scherr took over from Marty Chavez in 2017, its former chief information officer who went on to co-head its global markets unit until his retirement in 2019.

In an update on LinkedIn, Scherr said that his career at Goldman Sachs “almost never got started at all”, with the executive posting a rejection letter from the bank from 1992. “I am profoundly grateful that I didn’t give up and that the firm reconsidered its rejection for the journey — and lifelong friendships —that resulted.”

To contact the author of this story with feedback or news, email Paul Clarke

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