Goldman CFO Stephen Scherr is retiring

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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 January 1st.

He will replace the outgoing Stephen M. Scherr, who has been with the bank for 30 years and will now take over the position of Senior Director after his retirement, the statement said.

“I feel humble to take on this new role,” Coleman said in the press release. “I’m excited about the opportunity and look forward to working with executives to define and execute our strategy, ensure strong risk and capital management, and protect our unique culture.”

Chairman and CEO David Solomon said in the press release that Coleman “has consistently demonstrated his strong judgment and operational skills in roles of increasing responsibility, and we look forward to his contribution to the company as chief financial officer.”

He added that Coleman had a strong foundation in capital markets and risk management, and these would help him in his new role, according to the press release.

Coleman has been with Goldman Sachs since 1996 and worked across multiple departments before being named head of the EMEA Financing Group from 2016 to June 2018, the announcement said. Scherr has now been with the bank since 1993 and has been CFO since 2018.

In addition, Goldman Sachs expects an economic slowdown towards the end of the year and has lowered its forecasts for the third quarter.

Continue reading: Goldman economists lower US GDP forecasts for the third quarter

“There are now signs that the delta wave is peaking … We therefore expect the labor market to recover in the coming months and have also offset some of the Q3 / Q4 GDP downgrade with stronger numbers in the first half of 2022,” Goldman said Sachs economist Ronnie Walker wrote a report to customers.

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