Published: Tue, March 13, 2018
Culture | By Wayne Carr

Wall Street Sees Goldman's CEO Swap Going Smoothly With Solomon

Wall Street Sees Goldman's CEO Swap Going Smoothly With Solomon

21, and Blankfein had gathered with the Goldman Sachs Group Inc. board to reveal his long-awaited recommendation for the bank's next chief executive officer - the one who would steer the Wall Street giant through the next phase of its 149-year history.

Goldman Sachs Group Inc said Monday that President and Co-Chief Operating Officer Harvey Schwartz has made a decision to retire effective April 20, 2018.

If you thought the bank was starting to let its hair down in recent years as Blankfein took a shine to Twitter, prepare for further departures when Solomon - an unorthodox bank executive who famously moonlights as a DJ - takes the helm.

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Goldman Sachs is one of the world's best-known investment banks and has produced prominent figures including Mark Carney, the governor of the Bank of England, and Hank Paulson, the former US Treasury secretary.

Blankfein, 63, one of the longest-serving CEOs on Wall Street, has led what is viewed as the most powerful USA investment bank for almost 12 years.

Schwartz will leave the bank on April 20, and Solomon will serve as the sole president and chief operating officer, the New York-based bank said in a statement Monday. He has served a dozen years at the top of Wall Street's most powerful firm. On Friday the CEO responded to a report saying he planned to stand aside as soon as the end of this year, saying in a tweet that he felt like "Huck Finn listening to his own eulogy". Although this was already hinted at by The Wall Street Journal last week, Goldman Sachs seemingly confirmed it Monday morning.

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"Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs", Blankfein said. Schwartz is serving as the President and co-COO alongside Solomon.

Picking Solomon is consistent with Goldman's growth plan outlined last fall in which it emphasized greater investment banking presence in the middle market, as well as stepped-up operations in asset management and newer ventures in online banking, said Wang. The part-time disc jockey, who attended Hamilton College, is also a wine collector and an avid skier.

Solomon, prior to being tapped co-president in December 2016, worked for a decade as co-head of investment banking.

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