March 22, 2018

Harvey Schwartz out of Goldman succession race

12 March 2018, 06:27 | Cesar Cruz

Goldman Sachs boss Lloyd Blankfein says reading report on his retirement plans is like "listening to own eulogy"

Goldman CEO Blankfein says report of stepping-down not from him

News of Schwartz's departure comes after a Friday report by the Wall Street Journal indicated that Chief Executive Officer Lloyd Blankfein was set to retire as early as the end of 2018.

The resignation of Harvey Schwartz will leave David Solomon as the sole President and COO of Goldman Sachs Group Inc. Blankfein later tweeted that he hasn't made an announcement.

Goldman, memorably described as a "great vampire squid" in a 2010 Rolling Stone essay, is among the most dominant financial institutions in the world.

The end of Blankfein's tenure at the top of Goldman Sachs has always been a Wall Street talking point. When the Journal published its story, Blankfein took to Twitter and said the announcement was like "Huck Finn listening to his own eulogy".

Schwartz has been co-president and chief operating officer since January 2017.

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It is now a lot clearer who will replace Lloyd Blankfein at the top of Goldman Sachs. The firm's fixed-income trading business, which produced Schwartz, is coming off its worst year in more than a decade.

That person is David Solomon, the bank's co-president and co-COO. Before that, he served as Goldman's chief financial officer and quarterbacked the firm's transition to tougher regulation. It follows a typical succession plan pattern at the Wall Street bank, which tends to name two or three people into co-head roles until one of them proves to be the right choice for further promotion.

Outside work, Solomon is known as DJ D-Sol, spinning dance music at nightclubs, according to the New York Times.

Prior to Goldman, Solomon spent almost nine years at Bear Stearns. Solomon ended up taking a demotion to join Goldman Sachs, a bet that now seems to have paid off in spades. 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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