Sumary of Goldman Sachs CFO Stephen Scherr, a key architect of the firm's Marcus consumer bank, is retiring:
- Denis Coleman will replace Goldman Sachs veteran Stephen Scherr, 57, as CFO on January 1. Prior to becoming CFO in 2018, Scherr was pivotal in launching Goldman’s Marcus consumer bank.
- Scherr will be replaced by Denis Coleman, the co-head of the bank’s global financing group.
- Goldman Sachs has named a new chief financial officer to replace Steven Scherr.
- Scherr, 57, is departing the bank at the end of the year following a 30-year career at the Wall Street powerhouse, including the launch of its consumer bank Marcus, the company announced on Tuesday.
- Scherr was tapped to be the bank’s CFO in 2018 and was part of a group of top execs who climbed the ranks through investment banking with CEO David Solomon.
- He was also known for being instrumental in helping push the firm beyond the traditional Wall Street banking business and into consumer deposits and loans as head of Goldman’s consumer banking division.
- Scherr, who has been Goldman’s CFO role since 2018, will be replaced by Denis Coleman, the bank’s co-head of the global financing group in the investment bank, beginning in January 2022. Coleman will act as Scherr’s deputy CFO, effective immediately.
- During Scherr’s tenure as CFO, Goldman has looked to make its financial reporting more transparent and set hard performance targets.