May 13, 2016 / 6:22 PM / 2 years ago

UPDATE 1-Goldman's strategy chief Scherr to head banking as well

(Adds details, recasts lead, headline)

By Olivia Oran

May 13 (Reuters) - Goldman Sachs Group Inc’s Stephen Scherr will take on a new role as the firm’s banking head, according to an internal memo seen by Reuters on Friday.

Scherr, who will maintain his current responsibilities as chief strategy officer, will replace Esta Stecher. Stecher will become non-executive chairman of the board of GS Bank USA.

Scherr will pass along his role as Goldman’s head of Latin America to Marc Nachmann, head of the firm’s global financing group.

A Goldman spokesman confirmed the contents of the memo.

Goldman has been building its banking operations since the financial crisis. Earlier this year, it completed a $17 billion acquisition of GE Capital Bank’s U.S. online deposits to give it a more stable source of funding.

The firm is also building an online lending business led by Harit Talwar, the head of Discover Financial Services’ U.S. cards division.

Editing by Bernadette Baum

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