The following announcement was sent this afternoon by Lloyd Blankfein to the people of Goldman Sachs :

President-Elect Donald Trump announced today his intention to appoint Gary D. Cohn as Director of the National Economic Council and Gary has decided that he will accept the appointment. Gary will remain president and chief operating officer of Goldman Sachs through year-end. He will then serve as a senior director of the firm until his appointment is official.

Gary has served as president and chief operating officer of the firm for the last 10 years. Prior to that, he held numerous roles within the Securities Division in both New York and London. He served as global co-head of the Securities Division, as well as global co-head of the Equities Division and global co-head of the Fixed Income, Currency and Commodities Division. He has been a member of the Management Committee since 2002, and has played a critical role in chairing the Firmwide Client and Business Standards Committee since its formation in 2010, as well as other committees of the firm such as the Partnership Committee. He joined Goldman Sachs in 1990 and was named partner in 1994. Gary has also been actively involved in a variety of nonprofit activities, primarily in the areas of education and healthcare, including serving as trustee and executive committee member of the NYU Langone Medical Center.

Over the course of his career, Gary has served the firm with distinction. He has developed and led many of the firm’s most important initiatives, and has shown an unwavering dedication to meeting the needs of our clients. Gary has advised a wide-range of people and entities around the world, including central banks, finance ministers, sovereigns, corporations, asset managers, legislators, regulators and policymakers. He has also developed relationships with entrepreneurs whose businesses he has helped to shepherd from small start-ups to engines of job creation. He has developed a reputation for his market savvy, business acumen and deep understanding of financial markets and the global economy. His dedication to our clients has been matched by his dedication to our people. He has led many of our most important people initiatives, including our managing director and partner selection processes. Gary has an eye for talent, and has recruited, mentored and shaped the careers of many of the firm’s current and likely future leaders. He has demonstrated a deep commitment to enhancing and promoting the careers of diverse employees, and he has mentored many of the firm’s partners.

I have partnered with Gary for more than 25 years, so I know better than perhaps anyone that he has the intelligence, commitment and experience to be successful at any endeavor he undertakes. I would like to thank him for having served as a trusted advisor, dedicated colleague and friend over that time. We will miss Gary at Goldman Sachs, but I believe the American people and the President-Elect are fortunate that he has chosen to serve his country.

I am confident that Gary will bring his many talents and expertise to the White House and will do his part to make our economy stronger for all Americans. Please join me in thanking Gary for his exceptional service to the firm, our clients and our people and in wishing him, his wife Lisa and their family all the best in the years ahead.