David Solomon named sole president at Goldman

David Solomon named sole president at Goldman

David Solomon named sole president at Goldman

Goldman Sachs signaled Monday that it is likely to appoint David Solomon as its next chief executive as it emphasizes lending and client advisory services and focuses less on trading.

Goldman Sachs Group (GS ) announced Monday morning that its President and Co-Chief Operating Officer, Harvey Schwartz, has made a decision to retire effective April 20, 2018. "I want to thank Harvey for all he's done for the firm", Blankfein said in a statement.

The end of Blankfein's tenure at the top of Goldman Sachs has always been a Wall Street talking point.

That solidifies Solomon as the No. 2 behind Chairman and CEO Lloyd Blankfein, who could step down as soon as the end of the year, The Wall Street Journal reported Friday, citing sources familiar with the situation.

The announcement also came less than a week after Blankfein's prior deputy, former Goldman Sachs president Gary Cohn, quit his post as President Trump's top economic adviser.

Solomon rose through the financing business after joining as a partner from Bear Stearns Cos. and ran the firm's top-ranked investment-banking business for a decade.

Blankfein said: "Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs".

"You will have a banker at the top of Goldman Sachs, where it's been a trader for the last 12 years", he said, referring to Blankfein's resume. In the aftermath of the financial crisis, the famously high-risk, high-return trading house is now redirecting resources into consumer banking and low-fee index funds. 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. Goldman's shares closed up just under 1 percent. Schwartz is serving as the President and co-COO alongside Solomon.

Solomon has also taken on a leading role in the firm's diversity push, including presenting ideas to the board last June.

Related news