Published: Mon, March 12, 2018
Finance | By Claude Patterson

Harvey Schwartz out of Goldman succession race

Harvey Schwartz out of Goldman succession race

The Journal, citing people familiar with the matter that it didn't identify, said Blankfein, 63, could leave this year and the bank meant to replace him with one of its two co-presidents, David Solomon or Harvey Schwartz. With Schwartz retiring effective April 20, that would leave only Solomon. Schwartz and Solomon were named to the co-COO roles after Gary Cohn left Goldman to become U.S. President Donald Trump's chief economic adviser.

Goldman Sachs has apparently chosen an heir to Lloyd Blankfein.

Schwartz and Solomon jointly hold the positions of co-chief operating officer and president.

"I look forward to continuing to work closely with David in building our franchise around the world", Blankfein, 63, said in the statement. 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".

Schwartz has been co-president and chief operating officer since January 2017. Schwartz came up through Goldman's trading business, where he played a central role during the 2008 financial crisis.

"We saw the future as more of an investment-banking future than a securities or trading future and that favored Solomon", Charles Peabody, a Compass Point Research & Trading analyst, said in an interview with Bloomberg Television. "Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs".

Solomon doesn't sound like your typical bank CEO.

Solomon joined Goldman as a partner in 1999 and ran its investment banking arm from from 2006 until 2016.

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

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