(Bloomberg) -- Goldman Sachs Group Inc. named Stephanie Cohen to succeed Stephen Scherr as chief strategy officer as the firm embarks on a three-year growth plan.
Cohen, who has run mergers-and-acquisitions banking for financial sponsors since 2015, will join the executive office, according to a memo to staff Monday. Scherr, 53, who's held the strategy role since 2014, will focus his time on building the firm's fledgling consumer banking unit.
“We look forward to working closely with Stephanie to identify and execute on additional growth opportunities, including how we can serve more of our corporate clients' needs across the full range of our businesses,” Chief Executive Officer Lloyd Blankfein and co-Presidents Harvey Schwartz and David Solomon wrote in the memo.
Read more: Blankfein's New Strategy at Goldman Looks a Lot Like the Old One
The firm's strategy has come into focus as the fixed-income trading business has slumped and annual revenue fell in 2016 to the lowest in five years. The firm outlined a plan in September to generate $5 billion in additional revenue over the next three years, with more than 40 percent of that coming from lending. The consumer-banking unit is expected to play a big role.
Cohen joined Goldman Sachs in 1999 as an analyst and received the partner title in 2014. She'll continue working with clients over the next few months as she transitions to the role, according to the memo.
The Wall Street Journal reported the appointment earlier Monday.
To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net.
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Peter Eichenbaum
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