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Martin Chávez, Goldman Sachs
Goldman Sachs' new Chief Executive Officer, David Solomon, is facing another major change.
These steps have been Salomon's biggest since he was officially appointed to succeed CEO Lloyd Blankfein earlier this year. He coined his direct reports before being taken over by Blankfein on October 1st. Solomon's challenges include implementing a $ 5 billion revenue growth plan by expanding the company's customer base and investing in consumer finance. Scherr was the Head of Consumer and Commercial Banking and Chairman of the Company's Management Committee.
"John and Stephen will work closely with me to develop and implement our strategy, expand our customer franchise, ensure strong risk and capital management, and preserve our unique culture," said Solomon in the press release. "I've been working with John and Stephen for almost two decades, and I'm confident they have the right skills to lead the company through their respective roles."
Management revenue represents the rise of experienced investment bankers to Goldman Sachs dealers. Blankfein was a precious metals salesman and rose through the ranks of the company's trading department, which has dominated the firm for much of its history as a publicly traded company , Now Solomon, Waldron and Scherr are deeply rooted in the investment banking business. Compared to retailers, which never recovered from a 2009-2010 high-water mark, advice centers and capital market switches proved to be more reliable sources of revenue.
While Waldron's promotion was expected, it was originally believed that he would have a co-president, perhaps someone who came from the company's commercial department.
Last month, Solomon appointed Jim Esposito as global co-leader of the company's commercial department along with Ashok Varadhan.
CNBC's Wilfred Frost contributed to the coverage.