US President Barack Obama has named former Goldman Sachs investment banker Philip Murphy as the country's new ambassador to Germany, according to dpa. Murphy, 52, spent 23 years with Goldman Sachs and led its Frankfurt office from 1993 to 1997. He will replace Ambassador William Timkin in Berlin, Obama announced late Thursday. Murphy also served as chief fundraiser for the Democratic National Committee during Obama's run for the presidency in 2008. The appointment must still be approved by the US Senate.