Goldman Sachs COO departs to join Trump administration

Gary Cohn joins Trump administration as director of National Economic Council.

Investment banker and chief operating officer at Goldman Sachs, Gary Cohn, has been appointed as director of the National Economic Council under Donald Trump’s leadership in the US.

Cohn has been tasked with designing and coordinating Trump’s economic policy, working alongside the Treasury and Commerce departments.

Trump said in a statement Cohn will “put his talents as a highly successful businessman to work for the American people.”

During his presidential campaign, Trump slammed opponent Hilary Clinton for accepting large payments to give speeches to Goldman Sachs.

Despite that, three former Goldman Sachs veterans including Steven Mnuchin and Steve Bannon, have now joined his administration.

Cohn joined Goldman Sachs 25 years ago and has held various senior positions at the investment bank, having headed up the fixed income, currencies and commodities business for six years.

He currently serves as a chief operating officer and is a board member at Goldman Sachs based in New York.

Chief executive officer at Goldman Sachs, Lloyd Blankfein, said in a statement: “Cohn and I have been partners for more than 25 years, so I know better than perhaps anyone that he has the intelligence, commitment and experience to be successful at any endeavour he undertakes.”

He added: “I am confident that Gary will bring his many talents and expertise to the White House and will do his part to make our economy stronger for all Americans.”