Goldman Sachs banker Gary Cohn becomes Donald Trump's main economic adviser

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President-Elect Trump Holds Meetings At Trump Tower In New York
Gary Cohn met Donald Trump at Trump Tower in New York (Source: Getty)

Donald Trump has announced the appointment of former Goldman Sachs banker Gary Cohn as his most important economic adviser.

Cohn has officially been named as director of the National Economic Council. He will be tasked with advising the President-elect on implementing his unorthodox economic campaign promises, which purportedly combine broad tax cuts with big infrastructure investments.

Cohn joined the bank in 1990 as a trader, eventually becoming deputy to chief executive and chairman Lloyd Blankfein. Cohn had been widely seen as a possible successor to Blankfein.

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Trump said in a statement: "As my top economic adviser, Gary Cohn is going to put his talents as a highly successful businessman to work for the American people".

Cohn becomes the fourth key member of Trump’s team to have previously worked at the US bank.

His nominee for Treasury secretary, Steven Mnuchin, was a partner at Goldman Sachs before starting his own hedge fund and financing Hollywood films. Anthony Scaramucci, a former Goldman banker and founder of SkyBridge Capital, now works as an aide to Trump.

Meanwhile, Stephen Bannon, Trump’s chief strategist – and one of the people credited with masterminding his unlikely election victory – worked at the bank before beginning a career that led to being executive chairman of Breitbart News Network. The alt-right news site was a strident supporter of Trump before Bannon joined his campaign.

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During the election campaign Trump had been a persistent critic of links between his former rival to the Presidency, Hillary Clinton, and the bank. Articles on his campaign site say that “Clinton Is the Wall Street Candidate”, citing her paid speeches at Goldman Sachs as evidence.

Goldman’s Blankfein said: “We will miss Gary at Goldman Sachs, but I believe the American people and the President-Elect are fortunate that he has chosen to serve his country.

“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,” he added.

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