John Thain, the president and chief operating officer of Goldman Sachs has been confirmed as the new chief executive of the New York Stock Exchange (NYSE). His appointment has sparked a reshuffle at the top of Goldman.

Replacing Thain is Lloyd Blankfein, a 20-year Goldman veteran, and now the favourite to succeed Hank Paulson, Goldman's chairman and chief executive. Blankfein became a partner in 1988 and a board member this year.