Goldman Sachs has appointed David Solomon and Harvey Schwartz as its new co-COOs, replacing Gary Cohn who is departing from the bank to join US President Donald Trump's economic policy team.

Schwartz and Solomon, who will take up their new roles on 1 January 2017, will also become presidents.

Solomon currently serves as the co-head of the bank's investment banking division. Schwartz will also remain in his existing role of CFO till April 2017, following which he will be succeeded by Martin Chavez who currently serves as the firm’s chief information officer.  

Goldman Sachs also named Richard Gnodde and Pablo Salame as vice chairmen. The two will assume their new roles on 1 January 2017.

In addition to their new roles, Gnodde will continue in his existing role as co-CEO of Goldman Sachs International and co-head of the investment banking division, while Salame will continue in the existing role of global co-head of the securities division.

Goldman Sachs chairman and CEO Lloyd Blankfein said: “These five leaders have distinguished themselves in their respective areas of expertise and I look forward to working with them in formulating and executing our global strategy.

“They have consistently demonstrated their unwavering commitment to Goldman Sachs, our clients and our people.”