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Goldman Sachs rounds out its leadership team

Zoellick will join international unit

NEW YORK -- Shoring up its leadership team after the departure of Henry Paulson, who will take over the Treasury Department, Goldman Sachs Group Inc. has named two presidents and chief operating officers and a vice chairman to assist incoming chief executive Lloyd Blankfein.

Jon Winkelried and Gary Cohn will serve as presidents and co-chief operating officers under Blankfein. Winkelreid was most recently co-head of Goldman Sachs investment banking division, while Cohn co-headed the company's global securities trading business.

John Weinberg, the vice chairman designate, will continue in his role as co-head of investment banking for Goldman Sachs. His father is a former chief executive of the company.

Goldman Sachs' board said June 2 Blankfein would succeed Paulson as chairman and chief executive. Paulson is awaiting Senate confirmation to become treasury secretary. The three new top executives were named in a board meeting Sunday in Beijing.

The news came as deputy secretary of state Robert Zoellick said yesterday he would resign his government post to work for Goldman Sachs. Zoellick will become a vice chairman of Goldman's international business.

The Wall Street company's moves are designed, in part, to appease Goldman Sachs' two main divisions, the deal makers in investment banking and the traders in the global securities business. While investment banking -- which includes advising on mergers and underwriting stock and bond issues -- is the most prestigious part of Goldman's business, the company has generated record revenues by putting its own money to work through proprietary trading. The balance of power in the executive offices allows both divisions to feel well represented. Internal dissent between retail brokers and investment banking at rival Morgan Stanley last year forced the resignation of then-chief executive Phil Purcell.

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