Goldman Sachs CFO Scherr exits

Bloomberg

Goldman Sachs Group Inc Chief Financial Officer (CFO) Stephen Scherr will depart the bank and end nearly three decades at the firm, paving the way for the latest round of executive reshuffling in the Wall Street giant’s highest rungs.
Scherr, 57, who rose to CFO with the leadership change that brought in David Solomon as head of the firm, is vacating the seat after just over three years in the role. Before that, Scherr was in charge of one of Goldman’s biggest efforts of recent years, expanding into mainstream banking — a departure from the bank’s core strength. Denis Coleman III, co-head of the global financing group, will become CFO from January 1.
The CFO seat had historically been seen as integral to the power structure at Goldman Sachs. David Viniar reigned in that role for over a decade, and his successor, Harvey Schwartz, was promoted into a more senior post after that.
The victors in the latest reshuffle go beyond incoming CFO Coleman. The bank is positioning its treasurer, Beth Hammack, for bigger roles.
“In my mind he’s one of the greatest Goldman partners of all time,” Ram Sundaram, a former senior partner, said of Scherr. “Never met someone who had that level of EQ and IQ. Everybody likes Stephen.”
The victors in the latest reshuffle go beyond incoming CFO Coleman. The bank is positioning its treasurer, Beth Hammack, for bigger roles. Hammack, who already was in its top decision-making group, has been given charge of its global financing group, a key client-focused seat that has been integral to Goldman’s success. Hammack had previously been in the trading division, and the new role is seen as a way to give her more experience in an attempt to set her up for more senior roles within the firm.