NYC Mayor-Elect Considers Goldman CFO for Key Economic Position

NYC Mayor-Elect Considers Goldman CFO for Key Economic Position eric adams speaks to crowd New York City Mayor-elect Eric Adams speaks to supporters Tuesday, Nov. 2, 2021, in New York. (Frank Franklin II/AP)

By Brian Freeman | Tuesday, 23 November 2021 02:04 PM

New York City Mayor-elect Eric Adams is considering giving Goldman Sachs chief financial officer Stephen Scherr a leadership position in the new administration, people familiar with the issue told CNBC on Tuesday.

Scherr, who is a co-chair of Adam’s transition team, is due to retire from Goldman Sachs at the end of the year.

Those familiar with the discussions among Adams and his allies told CNBC that Scherr is being considered for deputy mayor for housing and economic development or possibly leading the New York City Economic Development Corp (NYCEDC).

The deputy mayor for housing and economic development is responsible for proposing and implementing policies to improve New York’s economy, while the NYCEDC is a nonprofit whose president and board are appointed by the mayor and which attempts to help the city’s economy create jobs while trying to maintain equity and sustainability.

Choosing Scherr for a key role in his administration would signal that Adams is serious about his promise to strengthen ties between the city government and business leaders after eight years of a strained relationship under departing Mayor Bill de Blasio.

"Let’s hit reset," Adams previously told CNBC about his message to the city’s business leaders.

Evan Thies, a spokesman for Adams, did not deny that Scherr is a possibility to join the administration, telling CNBC that "Mayor-elect Adams appreciates Mr. Scherr’s help with transition so that the new administration is ready on Day 1."

However, it is considered likely that Adams, who is due to be sworn in as mayor on Jan. 1, will make decisions on the positions for which Scherr is being considered closer to that date, according to CNBC.

Scherr currently serves on Goldman Sach’s management committee and has been the chief financial officer since 2018 after joining the company in the early 1990s.

Goldman Sachs is known to be a source for high-level government employees and elected officials at both the federal and state level.

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