Adams Considering Goldman Sachs Executive for Economic Role in His Administration

New York City Mayor-elect Eric Adams is considering the chief financial officer of Goldman Sachs for a leadership position in his upcoming administration, according to CNBC.

Stephen Scherr, Goldman’s chief financial officer, is a co-chair of Adams’ transition team and set to retire from Goldman at the end of this year. He currently serves on the company’s management committee and has been the chief financial officer since 2018. According to data from the nonpartisan Center for Responsive Politics showed Scherr has donated mostly to Democrats.

He is reportedly being considered for the role of deputy mayor for housing and economic development, or to lead the the New York City Economic Development Corp. The NYCEDC is a nonprofit aimed to stimulate the city’s economic and job growth, and the head and board are chosen by the mayor. The deputy mayor for housing and economic development is involved in policy making that will directly impact the city’s economy.

Hiring Scherr would signal Adams’ hope to rebuild the times between city government and major companies that frayed under eight years of the departing Bill de Blasio.

“Let’s hit reset,” Adams previously told CNBC when asked about his relationship with New York businesses leaders.

Goldman Sachs executives have pivoted to politics before; George W. Bush picked a former Goldman co-CEO to lead the Treasury, and Donald Trump picked a Goldman executive to be his first director of the National Economic Council. Democrat Governor of New Jersey Phil Murphy was a Goldman executive before he joined politics.