Goldman Sachs has named Stephen Scherr as chief strategy officer.
According to the Financial Times, the appointment is an indication of Goldmans desire to grow its commercial and wealth management division.
In internal memos from Goldmans chief executive and chairman Lloyds Blanfein (pictured) seen by Wealth Manager, the appointment of Scherr - who has been head of the company's finance group since 2008 - was sent to staff on 2 June.
'Stephen will work across the firm to develop and drive important growth initiatives as part of the firm’s global strategy,' the memo said.
'As a long-tenured leader in the investment banking division, and as global head of the financing group since 2008, Stephen has a deep understanding of all of our businesses and of the needs of our clients. As we advance the firm’s global strategy, Stephen will identify and help execute on opportunities to grow and build upon our strong client franchise across our core businesses.
'As part of his role, we have asked Stephen to help coordinate our lending business as we leverage our existing bank platform to provide credit to both corporate and individual clients.
At the same time it was announced that Goldmans senior strategy officer Andrew Chisholm is to leave the firm after 30 years of service.
Goldmans confirmed the appointment of Scherr and the exit of Chisholm.