Goldman Sachs's president Gary Cohn announced as Trump's head of NEC

US president-elect Donald Trump has chosen another Wall Street executive to form part of his administration, with the choice of Goldman Sachs president Gary Cohn to lead the National Economic Council.

Cohn will take up one of the most important economic positions in the Trump administration if his appointment is confirmed by the Senate.

Former Goldman partner Steven Mnuchin was previously picked by the Republican as his treasury secretary, as well as ExxonMobil CEO Rex Tillerson, who was also announced today as secretary of state.

In a statement, Trump said that Cohn would be his "top economic adviser".

"He fully understands the economy and will use all of his vast knowledge and experience to make sure the American people start winning again," the president-elect said.

"He will help craft economic policies that will grow wages for our workers, stop the exodus of jobs overseas and create many great new opportunities for Americans who have been struggling."

The NEC has been used in the past by presidents to influence fiscal policy decisions, alongisde the treasury department. The choice of Cohn and Mnuchin to lead the two bodies may lead to less conflict between them, which has been present in the past.

Cohn said it was a "great honour" to be chosen for the position.

"I share President-elect Trump's vision of making sure every American worker has a secure place in a thriving economy, and we will be completely committed to building a nation of strength, growth and prosperity," said Cohn.