RJ and Makay

Eileen Rominger of Goldman Sachs Asset Management has been named director of investment management at the Securities and Exchange Commission (SEC). Rominger, 56, is scheduled to take the position in February.

“Eileen brings the agency a lifetime of experience in the asset management industry and a record of strong leadership,” says SEC Chairman Mary L. Schapiro. “She understands the importance of the nation’s investment management industry to the well-being of investors everywhere.”

Former Oppenheimer & Co. analyst Meredith Whitney says U.S. banks will close 5,000 branches in the next 18 months due to declining profits spurred by a drop in demands for loans and lower fee revenue.

While consumers work on reducing debt, banks face an “uphill battle” in generating loan growth, and will receive less revenue from fees due to new regulations and the lack of a securitization market.