Goldman Sachs to reveal Cohn replacements

US investment bank Goldman Sachs is set to name executives David Solomon and Harvey Schwartz as replacements for outgoing president Gary Cohn, who has been picked as Donald Trump's head of the National Economic Council.

According to the Wall Street Journal, Solomon and Schwartz will fill the void left by Cohn, who was the second-in-command after chief executive officer Lloyd Blankfein.

On Tuesday president-elect Trump confirmed that Cohn would be his nomination for the key economic position, with another former Goldman Sachs partner also having been announced as his pick for treasury secretary, Steven Mnuchin.

The publication also reports that current technology boss R.Martin Chavez is to take over from Scwartz as chief financial officer, a position he has held since 2013.

Solomon led Goldman's investment banking unit for over 10 years, advising companies on mergers and the raising of capital, while Schwartz rose through the securities branch of the bank.

Trump's nominations for his first administration are likely to come under intense scrutiny from both Republicans and Democrats, with his election campaign promises to "drain the swamp" of Wall Street interests from Washington appearing to be reversed.

Tuesday's announcement that Rex Tillerson will be Trump's pick for the top job of Secretary of State is expected to face particular scrutiny from the legislative body due to his close ties with Russia and its president Vladimir Putin.

The major changes at Goldman Sachs suggest that CEO Blankfein will remain at the helm for the bank for the foreseeable future, despite speculation to the contrary in recent months.