U.S. President Donald Trump will nominate Goldman Sachs
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Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn are also former Goldman executives who occupy senior economic posts within the administration.
Donovan's work at the bank as a managing director has included work on corporate strategy, investment banking and investment management, the White House said in a statement.
He is expected to work on the Trump administration's domestic policy agenda at Treasury.
The White House also named David Malpass, a former official in the Ronald Reagan and George H.W. Bush administrations, as its nominee for Treasuryundersecretary for international affairs, a key economic diplomacy post.
Malpass also served as a former economist at Wall Street bank Bear Stearns prior to its 2008 collapse and most recently served as an economic adviser to Trump's campaign.
The White House also named former national security and federal law enforcement official Sigal Mandelker to the Treasury's top sanctions post as undersecretary for terrorism and financial intelligence.
A former law clerk for Supreme Court Justice Clarence Thomas, Mandelker later held a series of criminal prosecution positions at the Department of Justice and advised the Secretary of Homeland Security during the George W. Bush administration.
(Reporting by Eric Beech; Editing by Sandra Maler and Michael Perry)