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Cohn leaving Goldman to direct National Economic Council

Goldman Sachs Group Inc. President and COO Gary Cohn will be appointed to direct the National Economic Council, President-elect Donald Trump's transition team confirmed Dec. 12.

The announcement came after several days of reports that Cohn was a leading contender for the post.

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

Cohn had been seen as one of the most likely successors to Goldman CEO Lloyd Blankfein.

"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," Blankfein said in an emailed statement. The company did not comment on a succession plan for Cohn or timeline for his departure.

Appointing the director of the NEC does not require Senate confirmation.