Americas...:Trump Taps Goldman Sachs Executive for NEC

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Local Editor

US President-elect Donald Trump on Monday said he would appoint Goldman Sachs Group Inc. President and Chief Operating Officer Gary Cohn to head the White House National Economic Council [NEC], a group that coordinates economic policy across agencies.

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

Cohn will follow former senior Goldman executives Robert Rubin and Stephen Friedman, who ran the council in the Bill Clinton and George W. Bush administrations, respectively.

The council post, which helps to coordinate and develop the president's economic agenda, can also be seen as a stepping stone to other government jobs. Rubin led the council before becoming Treasury Secretary.

Cohn, 56, is just one of a number of former Goldman executives who are slated to join the Trump administration and advise on the economy, including Treasury secretary nominee Steven Mnuchin and White House adviser Steve Bannon.

Cohn had long been regarded as the likely successor to Blankfein, but that view has dimmed in the past several years as Blankfein, 62, showed no signs that he would step down in the near future.

Cohn is a former Goldman commodities trader from Ohio who joined the firm in 1990. He served in a variety of leadership roles in bond trading, becoming co-head of Goldman's broader securities division and then co-president in 2006.

Source: News Agencies, Edited by website team