Goldman Sachs President Gary Cohn Is Leading Candidate for Top White House Economic Post

By Nick Timiraos, Peter Nicholas and Liz Hoffman 

Goldman Sachs Group Inc. President Gary Cohn is the leading candidate to serve as director of the White House National Economic Council, two Trump transition advisers said Friday, putting alums of the prominent Wall Street investment bank into the top two economic jobs of the new administration.

The move, which wouldn't require Senate confirmation, would further solidify a marked tilt toward wealthy bankers and business people -- as well as former top military brass -- among the top ranks of President-elect Donald Trump's advisers and cabinet members.

The Trump administration's economic and financial team began to take shape with last week's announcement that former Goldman executive Steven Mnuchin was the president-elect's choice to become Treasury secretary. Now Messrs. Trump and Mnuchin, along with transition officials, are looking to round out the economic and regulatory team.

The NEC job could serve as a steppingstone to other top government posts, including at the Treasury or Federal Reserve, a leap that has some precedent in past administrations.

Nominating a Goldman executive -- Mr. Cohn also serves as chief operating officer -- could open Mr. Trump to criticism, especially after his campaign had prominently attacked big multinational banks. A campaign video in the final weeks before the election attacked global elites and flashed an image of Goldman Sachs Chief Executive Lloyd Blankfein. Mr. Trump already has tapped two other Goldman alumni, including Mr. Mnuchin and top White House adviser Steve Bannon.

Mr. Cohn joined Goldman in 1990 as a silver salesman and became a partner in 1994, the same year as Mr. Mnuchin.

--Ryan Tracy contributed to this article.

Write to Nick Timiraos at [e-mail], Peter Nicholas at [e-mail] and Liz Hoffman at [e-mail]

(END) Dow Jones Newswires

December 09, 2016 12:36 ET (17:36 GMT)

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