John S. Weinberg is passing the torch as head of Goldman Sachs’ investing banking division to John Waldron, who leads global investment banking services within the company, as reported by Reuters. Weinberg has held the position for over 30 years and took over from his father, John L. Weinberg and his grandfather, Sidney Weinberg, who were at the head of Goldman Sachs when it was still a private partnership in the 1920s.
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Weinberg, 57, will move to a client development position that is company wide. He will remain as vice chairman and remain as head of several influential committees. Waldron will lead the investment banking division along with co-heads Richard Gnodde and David Solomon, and will also be a part of the management committee. Waldron began his tenure at Goldman Sachs in 2000 and became a partner in only 2 years.
Weinberg will no longer manage the investing banking division, but will develop client relationships in investment banking, merchant banking, sales and trading.