By Justin Baer 

Goldman Sachs Group Inc. promoted John Waldron to co-head of investment-banking, replacing John S. Weinberg, a vice chairman whose father and grandfather once led the Wall Street firm.

Mr. Weinberg, 57 years old, will move to a new client-development role. He will remain one of Goldman's three vice chairmen. Mr. Waldron, 45, joined Goldman in 2000 and was named a partner two years later. He most recently served as head of investment-banking services.

Mr. Waldron's promotion comes as Goldman's investment-banking arm enjoys one of its best years on record. The firm's merger bankers passed a rare milestone earlier this month, advising companies on deals with a combined value of more than $1 trillion. It was the first time any investment bank had reached that tally since 2007.

"John [Waldron] has helped us to develop many of the firm's most important client relationships and to drive our global coverage strategy, " Lloyd Blankfein, Goldman's chairman and chief executive, and Gary Cohn, the firm's president, wrote Thursday in a memorandum to employees.

The Weinberg banking dynasty, which began when Sidney Weinberg joined the firm a century ago, had played a major role in forging, and then maintaining, Goldman's long run as an investment-banking powerhouse.

The younger John Weinberg has preferred to remain first and foremost a banker to group of loyal clients, and an important voice in setting Goldman's culture. While he has helped run the investment-banking division since 2001, he is best-known inside the firm and out for his role as an adviser.

David M. Solomon and Richard Gnodde will stay as co-heads of the unit. Mr. Waldron will join them on the firm's management committee.

In his new role, Mr. Weinberg will "focus on client development and initiatives across our major divisions," Messrs. Blankfein and Cohn wrote in a separate memo to employees.

"We have asked him to work with us to identify and address areas and client relationships where we can advance our client franchise," they wrote.

Write to Justin Baer at justin.baer@wsj.com

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