Goldman's Waldron promoted to co-head of investment banking

(Changes headline and recasts first paragraphs, adds ages and details on each banker's career)

By Lauren Tara LaCapra

NEW YORK, Dec 18 (Reuters) - Goldman Sachs Group Inc has promoted John Waldron to co-head of its investment banking business, replacing John S. Weinberg, a vice chairman whose family has been in the senior echelons of the investment bank since the 1920s.

Weinberg, 57, is moving to a company-wide client development role, Goldman said on Thursday. He will remain a vice chairman and stay on several powerful committees, including the management committee and business standards committee.

Waldron, 45, will lead the investment banking business alongside existing co-heads Richard Gnodde and David Solomon. He will also join the management committee, a group of a few dozen senior executives across Goldman Sachs.

Waldron's prior role was global head of investment banking services within the division. He joined Goldman in 2000, was named partner two years later, and spent his early days there as a media and entertainment banker.

Waldron helped develop many of Goldman's most important client relationships and its global client coverage strategy in investment banking, Goldman Chief Executive Lloyd Blankfein and Chief Operating Officer Gary Cohn said in a memo.

Weinberg had led Goldman's investment banking division for more than a decade and has spent 30 years at the bank. His grandfather, Sidney Weinberg, and father, John L. Weinberg, each headed Goldman when it was a private partnership.

In his new role, Weinberg will focus on development of client relationships across Goldman's major business units, which include investment banking, sales and trading, investment management and merchant banking. He will continue to advise his core clients but give up day-to-day management of the investment banking division, Blankfein and Cohn said in a separate memo.

(Reporting by Lauren Tara LaCapra; Editing by Lisa Von Ahn and Steve Orlofsky)