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Goldman Sachs appointed the former president of the Federal Reserve Bank of Dallas, Robert Kaplan, as its vice chairman on Tuesday.

Kaplan’s new role at the David Solomon-led Wall Street behemoth adds an influential former policymaker and Goldman alum to its management committee.

Kaplan, 66, stepped down as the head of the Dallas Fed in September 2021 over controversy related to his personal stock-trading activity.

His resignation came after the Wall Street Journal revealed that he executed multimillion-dollar trades throughout 2020, including in major companies like Apple, Amazon, Facebook, Delta Airlines and Tesla.

Kaplan vowed to sell his stock at the time and move his money to passive investment vehicles.

He defended his record in a statement that insisted he “adhered to all Federal Reserve ethical standards and policies.”

In January, the Fed’s internal watchdog said Kaplan did not break the law but created the appearance of a conflict of interest in how he invested and reported his financial activity from 2019 to 2021.

Three years later, Kaplan — who previously co-headed Goldman’s investment banking division for more than two decades in the late ’90s — will give strategic advice to the bank’s global clientele, working closely with its teams across global banking and markets, and asset and wealth management, the bank said in a statement.

Kaplan, a Kansas native, will be based out of Dallas, Texas — where Goldman Sachs has plans to expand its footprint. In October, the firm broke ground on a three-building, 5,000-person campus in trendy Victory Park neighborhood just outside of downtown Dallas in October.

The nearly $500 million, 815,000-square-foot development was made possible with the $18 million in tax breaks the city of Dallas granted the Wall Street bank last July in exchange for bringing as many as 5,000 jobs into the city.

The campus, however, won’t be open for business until 2027, at which point it will boast underground parking, a ground-floor retail space, a 1.5-acre urban park, a hotel and residential towers, documents filed with Dallas city plan commission showed.

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Kaplan is set to work alongside Goldman Sachs’ chairman, Solomon, after shareholders last month voted against proposals to divide the CEO and chair roles both held by the investment bank boss.

He said in a statement he looked forward to working with the “extraordinary array of talented people” across the firm to serve its clients and help enhance and sustain its unique culture.

Solomon added in a press release that “Rob brings a wealth of knowledge, deep relationships and significant global leadership expertise to his role as vice chairman.”

Kaplan initially joined Goldman Sachs in 1983 and became a partner in 1990. He retired from the firm in 2006 to work as the Martin Marshall Professor of Management Practice and a Senior Associate Dean at Harvard Business School, his alma mater.

He later served as president and CEO of the Federal Reserve Bank of Dallas from 2015 to 2021.

Kaplan’s appointment at Goldman Sachs comes at a time when the bank is replenishing its bench of heavy hitters after recent high-profile departures including Stephanie Cohen, who had headed its consumer and fintech unit; Jim Esposito, co-head of global banking and markets; and former asset management executive Julian Salisbury.

Last year, the bank brought senior banking executive Tom Montag back into the fold, adding him to its board as it looked to regain lost ground after an ill-fated foray into consumer banking.

With Post wires

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Jets’ Scheifele misses G7 because of injury

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Jets' Scheifele misses G7 because of injury

Winnipeg forward Mark Scheifele did not play in Game 7 of the Jets’ first-round Stanley Cup playoff series against the St. Louis Blues on Sunday due to an undisclosed injury, coach Scott Arniel said.

Arniel ruled out Scheifele following the team’s morning skate. He was hurt in Game 5 — playing only 8:05 in the first period before exiting — and then did not travel with the Jets to St. Louis for Game 6. Arniel previously had said Scheifele was a game-time decision for Game 7.

Scheifele, 32, skated in a track suit Saturday, and Arniel told reporters the veteran was feeling better than he had the day before. Scheifele, however, was not able to participate in the Jets’ on-ice session by Sunday, quickly indicating he would not be available for the game.

Winnipeg held a 2-0 lead in the series over St. Louis before the Blues stormed back with a pair of wins to tie it, 2-2. The home team has won each game in the best-of-seven series so far.

The Jets’ challenge in closing out St. Louis only increases without Scheifele. Winnipeg already has been dealing with the uneven play of goaltender Connor Hellebuyck, a significant storyline in the series to date. Hellebuyck was pulled in all three of his starts at St. Louis while giving up a combined 16 goals on 66 shots (.758 SV%). In Game 6, Hellebuyck allowed four goals in only 5 minutes, 23 seconds of the second period.

Hellebuyck was Winnipeg’s backbone during the regular season, earning a Hart Trophy and Vezina Trophy nomination for his impeccable year (.925 SV%, 2.00 GAA).

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Stars expect Robertson, Heiskanen back in semis

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Stars expect Robertson, Heiskanen back in semis

Stars coach Pete DeBoer expects to have leading goal scorer Jason Robertson and standout defenseman Miro Heiskanen available in the Western Conference semifinals after both missed Dallas’ first-round series win over the Colorado Avalanche.

Following their thrilling Game 7 comeback victory over the Avalanche on Saturday night, the Stars await the winner of Sunday night’s Game 7 between the Winnipeg Jets and St. Louis Blues. If the Blues win, the Stars will have home-ice advantage in the best-of-seven series.

“I believe you’re going to see them both play in the second round, but I don’t know if it’s going to be Game 1 or Game 3 or Game 5,” DeBoer said after Saturday’s series clincher. “I consider them both day-to-day now, but there’s still some hurdles. It depends on when we start the series, how much time we have between now and Game 1. We’ll have a little better idea as we get closer.”

Robertson, 25, who posted 80 points (35 goals, 45 assists) in 82 games this season, suffered a lower-body injury in the regular-season finale April 16 and was considered week-to-week at the time.

Heiskanen hasn’t played since injuring his left knee in a Jan. 28 collision with Vegas Golden Knights forward Mark Stone. Initially expected to miss three to four months, the 25-year-old defenseman had surgery Feb. 4 and sat out the final 32 games of the regular season. In 50 games, he collected 25 points (five goals, 20 assists) and averaged 25:10 of ice time, which ranked fifth among NHL blueliners.

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U.S. crude oil prices fall more than 4% after OPEC+ agrees to surge production in June

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U.S. crude oil prices fall more than 4% after OPEC+ agrees to surge production in June

Logo of the Organization of the Petroleum Exporting Countries (OPEC)

Andrey Rudakov | Bloomberg | Getty Images

U.S. crude oil futures fell more than 4% on Sunday, after OPEC+ agreed to surge production for a second month.

U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year.

The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount.

The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months.

Oil prices in April posted the biggest monthly loss since 2021, as U.S. President Donald Trump’s tariffs have raised fears of a recession that will slow demand at the same time that OPEC+ is quickly increasing supply.

Oilfield service firms such as Baker Hughes and SLB are expecting investment in exploration and production to decline this year due to the weak price environment.

“The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels,” Baker Hughes CEO Lorenzo Simonelli said on the company’s first-quarter earnings call on April 25.

Oil majors Chevron and Exxon reported first-quarter earnings last week that fell compared to the same period in 2024 due to lower oil prices.

Goldman is forecasting that U.S. crude and Brent prices will average $59 and $63 per barrel, respectively, this year.

Catch up on the latest energy news from CNBC Pro:

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