- It is now so much clearer who will exchange Lloyd Blankfein on the most sensible of Goldman Sachs.
- Harvey Schwartz, one of the financial institution’s two presidents and leader working officials, is retiring subsequent month, the financial institution introduced Monday.
- That leaves David Solomon, the opposite COO, as Lloyd Blankfein’s inheritor apparent.
And then there used to be one.
Harvey Schwartz, one of the 2 males regarded as as the possible successor to Goldman Sachs CEO Lloyd Blankfein, is retiring subsequent month, the financial institution introduced Monday. That leaves David Solomon, who stocks the titles of president and leader working officer with Schwartz, as the only contender to switch Blankfein when he steps down as early as this 12 months.
The finish of Blankfein’s tenure on the most sensible of Goldman Sachs has lengthy been a Wall Street speaking level. And when Solomon and Schwartz had been promoted to president and co-COO in overdue 2016, days after Gary Cohn, who were Blankfein’s right-hand guy, approved a task main the White House’s National Economic Council, it used to be observed as an indication that the 2 had been the main contenders to take the CEO seat when Blankfein stepped down.
Blankfein briefed the Goldman Sachs board in February at the place of his attainable successors, in step with an individual conversant in the subject. In that assembly, he recognized Solomon as the person highest positioned to switch him, in step with the individual.
Before taking the co-COO function, Solomon were a cohead of funding banking in New York for a decade. In fresh years, he has performed the most important function in revamping the funding financial institution’s junior-banker insurance policies and helped lead Goldman’s efforts to construct the final monetary vacation spot for the hundreds underneath its Marcus emblem.
Solomon has additionally tended to be extra of a public face for Goldman Sachs than Schwartz has. He moonlights as a DJ, has partied with the likes of Diddy, and as soon as gave life-changing profession recommendation to the Philadelphia 76ers guard J.J. Redick.
Here’s the corporate commentary on Schwartz’s departure.
“Over his 20-year profession at Goldman Sachs, Harvey has held management roles throughout a large vary of the company’s operations — from Securities and Investment Banking to the Executive Office, the place he served as Chief Financial Officer; and maximum not too long ago, as President and Co-Chief Operating Officer. Harvey’s paintings ethic, command of complexity, and consumer center of attention have outlined his profession on the company.
“Harvey has been a mentor to many, and his affect has made an indelible have an effect on on generations of pros at Goldman Sachs. I need to thank Harvey for all he is carried out for the company.”