Goldman Sachs appoints Coleman as new CFO, replacing Scherr

Goldman Sachs appoints Coleman as new CFO, replacing Scherr

Scherr has helped Solomon imagine and execute a vision for the fifth-largest U.S. bank as Goldman tries to become more like rivals with large businesses outside of trading and investment banking. Scherr, 57, has been Goldman’s finance chief since November 2018, around the time CEO David Solomon took his seat. That included acquiring deposits, unveiling a credit card with Apple Inc and launching new services for institutional customers.

The CFO role did not have much cachet on Wall Street until the 2008 financial crisis, when those executives were explaining the mortgage meltdown and investment losses to shareholders. Goldman’s global treasurer, Beth Hammack, will replace Coleman in that position.

Since then, bank CFOs have become crucial emissaries to investors, regulators and employees, as well as the broader public. The position is viewed as a stepping stone to bigger things, including a CEO role. Coleman, 47, is co-head of the global financing group in Goldman’s investment banking division, a role his two predecessors had before becoming CFO. He becomes Scherr’s deputy CFO immediately.

Scherr joined Goldman in 1993 as an associate in its financial institutions group and was also key to Goldman’s Latin America business before running its consumer operations. Story continues Scherr will remain CFO through year-end, which means analysts and investors can engage with him on Goldman’s quarterly results call in mid-October and have time to get accustomed to Coleman, who is relatively unknown.

Solomon celebrated Scherr’s “work ethic, command of complexity and unfailing commitment to the firm” in his memo announcing the changes. In prior roles, Scherr oversaw Goldman’s identity shift from a Wall Street firm to a traditional bank that takes deposits and makes loans.

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