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Goldman President Gary Cohn Meets with Donald Trump

November 29, 2016

On Tuesday, Donald Trump met with Goldman Sachs President and COO Gary Cohn, a possible indication that the President-elect’s campaign rhetoric about Wall Street might be toned down as he sets out his administration’s priorities. In any case, it isn’t clear whether Mr. Trump is considering Mr. Cohn for a job or simply soliciting his advice.

 

Joining the administration would give Mr. Cohn, who has been heir apparent for most of the past decade, an exit strategy should Chairman and CEO Lloyd Blankfein remain in his job for the foreseeable future.

 

Mr. Cohn, 56, a Republican, said earlier this month that he wasn’t surprised by Mr. Trump’s win because it followed other outcomes – e.g., Brexit, where polls had been wrong. Mr. Cohn, who grew up in Ohio and started his career with U.S. Steel in Cleveland, told CNBC that given his “Midwestern context” he “had a feeling that we may end up in this situation.”

 

While Trump was highly critical of Goldman during his campaign, criticizing Ms. Clinton for receiving hundreds of thousands of dollars for speeches given to the firm and its clients, his administration has strong ties to the firm.  One of Trump’s closest advisors, Stephen Bannon is a former Goldman banker, and Goldman alum Steven Mnuchin is being considered for Treasury secretary.