Rogers to step back from chief of staff role at Goldman Sachs.

Rogers to step back from chief of staff role at Goldman Sachs.

John Rogers to Step Down as Chief of Staff at Goldman Sachs

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Goldman Sachs

NEW YORK, Aug 8 (ANBLE) – In a surprising move, John Rogers, an influential executive at Goldman Sachs, will be stepping back from his position as chief of staff next month, according to an internal memo. This shift in leadership comes as part of the company’s internal succession planning.

Rogers will be succeeded by Russell Horwitz, a Goldman Sachs veteran who will rejoin the bank after his stint at Citadel. However, Rogers will continue to fulfill his other responsibilities at the firm, including his role as secretary of the company’s board, ensuring a smooth transition.

Goldman Sachs has witnessed a series of high-profile departures and retirements in recent months, prompting the company to refocus its strategy on its core areas of investment banking, trading, and asset & wealth management. This strategic shift follows an ill-fated foray into consumer banking.

The decision for John Rogers to step back from his role as chief of staff can be attributed to his increasing focus on navigating the regulatory landscape. As regulatory changes create new challenges for financial institutions, Rogers will continue to dedicate his time to managing these areas.

Goldman Sachs reported a 60% decline in profit during the second quarter, falling short of estimates. The decrease can be attributed to writedowns in the investment bank’s consumer businesses and real estate investments, resulting in a drag on earnings.

To reinforce its commitment to its core Wall Street businesses and asset management, Goldman Sachs recently welcomed back former senior executive Tom Montag to its board. This move signifies the board’s support for CEO David Solomon’s strategic direction.

Russell Horwitz, with his extensive experience at Goldman Sachs spanning 16 years, will rejoin the bank as a partner and a member of the management committee. In his new role, he will report directly to CEO David Solomon. Horwitz previously held the position of chief global affairs officer at Citadel, where he oversaw various areas including communications, marketing, regulatory and government affairs, and philanthropy.

The appointment of Horwitz has generated anticipation within the company, highlighting his expertise and potential contributions. The New York Times has also reported on this significant development.

The changes in leadership at Goldman Sachs mark a pivotal moment for the company as it strives to adapt to the evolving financial landscape. By realigning its focus on its core strengths, Goldman Sachs aims to bolster its position in investment banking, trading, and asset & wealth management. With John Rogers continuing his vital role and Russell Horwitz joining the management committee, the firm is positioning itself for success in the future.