Goldman Sachs has tapped 45-year-old John Waldron to be the co-head of the investment bank, replacing John Weinberg, according to a memo from CEO Lloyd Blankfein.
In his new role, Waldron will work alongside Richard Gnodde and David Solomon. He will also be joining Goldman’s Management Committee.
Waldron most recently served as the global head of Investment Banking Services/Client Coverage for the investment bank.
He was the banker who helped Rupert Murdoch split his media empire into two separate companies, 21st Century Fox and News Corp.
Waldron joined Goldman in 2000. He became a partner in 2002.
Weinberg, a vice chairman of Goldman, will no longer focus on day-to-day management of the investment bank. Instead, he will focus on client development, according to the memo.
Weinberg, 57, joined Goldman in 1983. He became a partner in 1992.
Here’s the memo about Waldron’s promotion:
We are pleased to announce that John E. Waldron has been named co-head of the Investment Banking Division (IBD). John, together with Richard Gnodde and David Solomon, will continue to support the growth of the firm’s global client franchise across our investment banking businesses. John will join the firm’s Management Committee.
John most recently served as global head of Investment Banking Services (IBS)/Client Coverage for IBD. From 2007 to 2010, he was based in London, where he was first global co-head of the Financial Sponsors Group and then led IBS/Client Coverage. Previously, he was co-head of Leveraged Finance from 2005 to 2007 and co-head of the Media and Entertainment Group from 2002 to 2005. John joined Goldman Sachs in 2000 and was named partner in 2002.
As a long-tenured leader in IBD and founder of the IBS Leadership Group, John has helped us to develop many of the firm’s most important client relationships and to drive our global coverage strategy.
He has been an influential voice on a number of firm wide and divisional committees, including the Firm wide Capital Committee, IBD Executive Committee, IBD Operating Committee, and IBD Client and Business Standards Committee. John also serves as a member of the Americas Diversity Committee.
Please join us in congratulating John on his expanded responsibilities and wishing him continued success.
And here’s the other memo regarding Weinberg:
We are pleased to announce that John S. Weinberg, vice chairman of the firm, will focus on client development and initiatives across our major divisions. We have asked him to work with us to identify and address areas and client relationships where we can advance our client franchise.
His deep commitment to our clients provides a strong foundation to enhance opportunities to grow our client franchise even more through effective relationship development and management, including with respect to strategic initiatives.
During his more than 30 years at the firm, John has developed some of the longest standing and most important client relationships, advising clients on highly significant transactions. For more than 12 years, John has provided strong and consistent leadership to the Investment Banking Division, and over that period, we have built and maintained leading market positions.
While John will continue to work with and advise his core banking clients, he will give up day-to-day management of the Investment Banking Division. John will work with divisional leadership, including the Investment Banking, Securities and Investment Management divisions, to identify ways in which we can advance our client franchise.
John is a member of the Management Committee and the Firmwide Client and Business Standards Committee. He has served as co-head of the Investment Banking Division since 2001. John is also co-head of the Firmwide Recruiting Committee.
Previously, John was co-head of the Investment Banking Division in the Americas, and from 1997 to 2001, he was co-head of the Investment Banking Services Department. John joined Goldman Sachs in 1983 as a Corporate Finance associate and also worked in Mortgage Finance. He became a partner in 1992.
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