Blankfein Unveils Top Goldman Shake-Up

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Lloyd Blankfein, chairman and chief executive of Goldman Sachs since last month, has reshuffled the bank's senior management, appointing a new co-chief executive in London and a new co-head of global investment banking.

Richard Gnodde, vice-chairman of Goldman Sachs International, the bank's European business, has been promoted to co-chief executive of the division alongside Michael Sherwood.

Scott Kapnick, who was co-chief executive of Goldman Sachs International, retains his role as co-head of the global investment banking division but loses his responsibility as co-head of Goldman Sachs International.

Kapnick, who had worked between New York and London, will now remain full-time in New York.

David Solomon, head of the global financing group within the investment banking division, joins Kapnick and John Weinberg as co-heads of the investment banking division.

The "important changes to the management teams in our European operations and the Investment Banking Division" were revealed in an internal memo sent by Blankfein and also signed by John Winkelreid and Gary Cohn, co-presidents and co-chief operating officers, and seen by Financial News.

Blankfein was nominated chairman and chief executive on June 2, replacing Hank Paulson, who was appointed U.S. Treasury Secretary.

Cohn and Winkelreid were appointed Blankfein's chief lieutenants in June.

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