Goldman Sachs executive Jim Donovan has pulled out of serving as President Trump’s deputy Treasury secretary, according to Politico.

Donovan told the White House this week he was unable to take the job because of family matters. President Trump nominated the Goldman Sachs alumnus in March.

"I am deeply honored by President Trump's decision to nominate me as Deputy Secretary of the U.S. Department of the Treasury,” Dononvan said in a statement to Politico.

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“However, at this time I want to focus on my family, and I can no longer accept it. I hope to be able to serve this administration in the future and fully support President Trump and Secretary Steven Mnuchin's ongoing work to reform the tax system and grow the U.S. economy.”

“Secretary Mnuchin offers Jim his support and friendship as he focuses his attention on his family,” Treasury spokesman Tony Sayegh said in a statement to Politico. “Jim has been an enormous asset to the department helping recruit and fill many of the senior jobs at Treasury. He appreciates Jim’s continued support of the President and his administration.”

Donovan joined Goldman Sachs in 1993 and currently serves as a partner and managing director.

He was a top fundraiser for former Republican presidential nominee Mitt Romney and as an economic adviser for Jeb Bush during the 2016 presidential campaign. His announcement comes as the Trump administration tries to deflect attention from the investigation into Russian meddling in the U.S. election to other policy issues.