Trump Plans to Name Steven Mnuchin as Treasury Secretary

Mnuchin is a former Goldman Sachs executive

ENLARGE
Steve Mnuchin, center, arrives at Trump Tower on Tuesday. PHOTO: DREW ANGERER/GETTY IMAGES


By ANUPREETA DAS and
RACHEL LOUISE ENSIGN

Updated Nov. 29, 2016 5:54 p.m. ET 2 COMMENTS

President-elect Donald Trump will name longtime banker and former Goldman Sachs executive Steven Mnuchin as Treasury secretary, turning to a campaign loyalist and fundraiser for the incoming administration’s top economic cabinet post, a transition official said Tuesday.

Mr. Mnuchin built his career sniffing out undervalued assets and converting them into massive profits. But perhaps his greatest trade just came in the political arena.

Mr. Mnuchin, 53, a former Goldman Sachs Group Inc. banker turned Hollywood financier, parlayed a six-month stint as Donald Trump’s campaign finance chair into the president-elect’s pick to be Treasury secretary.

Mr. Mnuchin’s Wall Street pedigree presents a contrast with the populist themes Mr. Trump struck in his campaign, railing against big banks and vowing to close tax loopholes that benefit hedge funds. Mr. Trump also repeatedly attacked his rivals in the primary and general elections for their Wall Street ties, especially those connected to Goldman Sachs.

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