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Goldman's Donovan to withdraw from deputy Treasury secretary nomination: source

PoliticsMay 19, 2017 03:41PM ET
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© Reuters. Goldman's Donovan to withdraw from deputy Treasury secretary nomination: source

By Olivia Oran and Pete Schroeder

(Reuters) - Goldman Sachs Group Inc (NYSE:GS) banker James Donovan who was nominated by U.S. President Donald Trump as deputy Treasury secretary, has withdrawn his name, according to a person familiar with the matter.

Donovan will return to Goldman, the person added, asking not to be named because the matter is private. He withdrew from the position for personal reasons, the person said.

Donovan could not be reached immediately for comment but a Treasury Department official confirmed he was withdrawing.

"Secretary (Steven) Mnuchin offers Jim his support and friendship as he focuses his attention on his family," Treasury Assistant Secretary of Public Affairs Tony Sayegh said in a statement. "Jim has been an enormous asset to the department helping recruit and fill many of the senior jobs at Treasury. The Secretary appreciates Jim's continued support of the President and his administration."

Donovan joined Goldman in 1993 and has worked in investment banking, investment management and corporate strategy since then.

Donovan has given a lot of money to Republican candidates over the years, including his longtime client Mitt Romney who ran for president in 2012.

He is just one of several Goldman executives who were tapped for positions in the Trump administration, including top economic advisor Gary Cohn.

Politico earlier reported the news on Donovan's withdrawal.

Goldman's Donovan to withdraw from deputy Treasury secretary nomination: source
 

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