By Justin Baer
Goldman Sachs Group Inc. promoted John Waldron to co-head of
investment-banking, replacing John S. Weinberg, a vice chairman
whose father and grandfather once led the Wall Street firm.
Mr. Weinberg, 57 years old, will move to a new
client-development role. He will remain one of Goldman's three vice
chairmen. Mr. Waldron, 45, joined Goldman in 2000 and was named a
partner two years later. He most recently served as head of
investment-banking services.
Mr. Waldron's promotion comes as Goldman's investment-banking
arm enjoys one of its best years on record. The firm's merger
bankers passed a rare milestone earlier this month, advising
companies on deals with a combined value of more than $1 trillion.
It was the first time any investment bank had reached that tally
since 2007.
"John [Waldron] has helped us to develop many of the firm's most
important client relationships and to drive our global coverage
strategy, " Lloyd Blankfein, Goldman's chairman and chief
executive, and Gary Cohn, the firm's president, wrote Thursday in a
memorandum to employees.
The Weinberg banking dynasty, which began when Sidney Weinberg
joined the firm a century ago, had played a major role in forging,
and then maintaining, Goldman's long run as an investment-banking
powerhouse.
The younger John Weinberg has preferred to remain first and
foremost a banker to group of loyal clients, and an important voice
in setting Goldman's culture. While he has helped run the
investment-banking division since 2001, he is best-known inside the
firm and out for his role as an adviser.
David M. Solomon and Richard Gnodde will stay as co-heads of the
unit. Mr. Waldron will join them on the firm's management
committee.
In his new role, Mr. Weinberg will "focus on client development
and initiatives across our major divisions," Messrs. Blankfein and
Cohn wrote in a separate memo to employees.
"We have asked him to work with us to identify and address areas
and client relationships where we can advance our client
franchise," they wrote.
Write to Justin Baer at justin.baer@wsj.com
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