Goldman Sachs CEO succession clearer with Schwartz retiring

Frederick Owens
March 13, 2018

Harvey Schwartz, co-president and co-chief operating officer of Goldman Sachs Group, is retiring from the Wall Street bank next month. 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".

That person is David Solomon, the bank's co-president and co-COO.

"It was becoming a little too much like Washington, D.C., rather than Wall Street in how this contest was playing out, with one contender a black belt in karate and the other a D.J.in the Caribbean", said Mike Mayo, an analyst at Wells Fargo who has a buy rating on Goldman's shares, referring to Solomon's hobby of spinning music under the name D.J.

The Goldman executive has performed regularly as a disc jockey in New York, Miami and the Bahamas, the Times said, citing posts on his now-private Instagram account. "It was overly public". "Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs". The firm has declined to comment on Blankfein's career plans. Schwartz, who now shares the roles with Solomon, is retiring. "I want to thank Harvey for all he's done for the firm", Blankfein said in a statement.

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

Prior to joining Goldman Sachs, Solomon worked at Bear Stearns, where he helped run the now-defunct investment bank's junk bond business.

Long seen as the undisputed king of Wall Street, Goldman Sachs has come under greater scrutiny over the a year ago or two as returns of its once-formidable trading divisions have languished and as rival Morgan Stanley has won plaudits for its asset management services. Monday's announcement suggested that "trading is still important but not as important at the top of the house".

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

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