Wednesday, 18 September, 2019

Goldman Sachs CEO succession clearer with Schwartz retiring

A source close to the situation told AFP there was no firm timetable to longtime Goldman Sachs chief executive Lloyd Blankfein's departure Goldman Sachs CEO succession clearer with Schwartz retiring
Russell Knight | 12 March, 2018, 17:53

The unexpected announcement that Schwartz will retire eliminates a presumptive CEO candidate with a strong trading background and comes as Goldman Sachs has been trying to reinvent itself after market trends and regulations sapped profits from its once-lucrative trading business.

Goldman Sachs Group Inc. said David Solomon will become sole president of the company, elevating him over Harvey Schwartz as the eventual successor to Chief Executive Officer Lloyd Blankfein.

Schwartz and Solomon were not quoted in the announcement. (GS ) said Monday that its President and Co-Chief Operating Officer, Harvey Schwartz, has made a decision to retire effective April 20, 2018. Last week, Cohn announced his resignation from the White House.

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Prior to Goldman, Solomon spent almost nine years at Bear Stearns. He rose through the firm's trading business and took the top job in 2006 when Hank Paulson left to become Treasury secretary. Since then the bank has moved into new areas such as consumer banking. He and Solomon were named co-COO in December 2016 in a setup that appeared to pit the two against each other to eventually lead what is viewed as the most powerful USA investment bank.

That person is David Solomon, the bank's co-president and co-COO. The 55-year-old spends his free time as a DJ at nightclubs and doing yoga with his adult daughter, according to a profile in The New York Times. He also does yoga with his adult daughter, dines out more frequently than some food critics and is a wine connoisseur. He co-led the powerful investment banking division for a decade before he was promoted at the end of 2016.

Shares of the bank spiked after Goldman said its other co-COO, Harvey Schwartz, will retire effective April 20.

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