Goldman Sachs Names Solomon as Next in Line to Replace CEO Blankfein

Goldman exec eyed as possible CEO is leaving

Harvey Schwartz quits Goldman Sachs

Goldman Sachs has apparently chosen an heir to Lloyd Blankfein.

The article put the spotlight on David Solomon and Harvey Schwartz as potential successors, after they were named co-presidents and co-chief operating officers at the end of 2016.

Last week, the Wall Street Journal reported that Blankfein could retire as soon as the end of the year. Former leaders of the bank have gone on to hold high-level positions in government, including former Senator and New Jersey governor Jon Corzine and former Treasury secretary Hank Paulson, among many others. He has served a dozen years at the top of Wall Street's most powerful firm.

Goldman made no mention of Blankfein's future plans in its announcement.

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Schwartz has been co-president and chief operating officer since January 2017. 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. In recent years, he has played an important role in revamping the investment bank's junior-banker policies and helped lead Goldman's efforts to build the ultimate financial destination for the masses under its Marcus brand. He is not expected to return to Goldman. Before his current role, he co-headed the investment banking division and served as the global head of the financing group.

Schwartz, 54, was the firm's chief financial officer after helping to run its trading business. 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.

Schwartz and Solomon were not quoted in the announcement.

Prior to Goldman, Solomon spent almost nine years at Bear Stearns. Goldman's trading business has stumbled and its stock price is badly trailing rival Morgan Stanley as well as big banks like Citigroup and Bank of America.

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