Jörg Kukies: This is Olaf Scholz’s new finance minister

After the traffic light coalition breaks up, the red-green minority government is formed. Jörg Kukies will replace the dismissed Christian Lindner (FDP) as finance minister, a government spokesman confirmed on Thursday.

The former Goldman Sachs investment banker and social democrat is one of the most important advisors and closest confidants of Chancellor Olaf Scholz (SPD). Most recently he was State Secretary in the Chancellery. Kukies is Scholz’s man for economics and finance and, as a so-called “Sherpa”, negotiates the final documents of the G7 and G20 summits. He was described as a “down-to-earth” and “cautious guy”.

Jörg Kukies, born in Mainz in 1968, spent part of his childhood in California. He grew up in a social democratic home and was involved in the Jusos, the SPD’s youth organization, which he joined in 1986. At the beginning of the 1990s he was state chairman of the Jusos in Rhineland-Palatinate.

Kukies is married to a psychologist and has a daughter. He is considered an enthusiastic long-distance runner. During his studies he ran the marathon in 2:47 hours. He regularly attends Bundesliga soccer games 1. FSV Mainz 05 with his family.

After graduating from high school in 1988, he studied economics in Paris. He then earned a master’s degree in public administration from Harvard University and a doctorate in finance from Chicago.

Since 2001 he has worked at Goldman Sachs in various positions. During an internship in New York, he experienced the terrorist attacks on the World Trade Center. Kukies later headed the equities business for Germany and Austria and was co-chairman of the board of Goldman Sachs AG and managing director of the Frankfurt office of Goldman Sachs International.

In 2018, Kukies switched to politics and became State Secretary for Financial Market and European Policy in the Federal Ministry of Finance under Olaf Scholz. Scholz was looking for an insider for the financial markets, an approach that was controversial. The Left and the Greens doubted the independence of the former investment banker. “Finance Minister and Vice-Chancellor Olaf Scholz imitates Donald Trump and turns arsonists into fire brigades,” said the then left-wing parliamentary group vice-president Fabio de Masi. In 2021, Kukies became State Secretary in the Federal Chancellery – also under Scholz.

The fact that Kukies is now succeeding Christian Lindner in office is also controversial. BSW boss Sahra Wagenknecht criticized: “The Social Democrats are entrusting a former Goldman Sachs banker with the preparation of the federal budget.” That also says a lot about the state of the SPD, Wagenknecht told the AFP news agency.

After three difficult years with war in Ukraine, record inflation and recession, the traffic light government in Germany collapsed on Wednesday – almost a year before the regular election. Scholz blamed Lindner for this and spoke of a lack of trust and too many cross shots. According to Scholz, new elections could take place by the end of March at the latest. Lindner again accused the Chancellor of weak leadership and incorrect economic policy.

Scholz fired Lindner on Wednesday after an unprecedented falling out. Today at 2 p.m., Federal President Frank-Walter Steinmeier is scheduled to present Lindner’s discharge certificate at Bellevue Palace. Kukies then receives his certificate of appointment. Scholz, who had accused Lindner of multiple breaches of trust and small-mindedness, will probably be there – at least that’s usual.