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

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

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

Goldman Sachs said Monday that Harvey Schwartz, its co-chief operating officer, will retire next month, clearing the way for David Solomon to eventually become the next chief executive of the Wall Street firm.

Shares of Goldman Sachs spiked as such as 1.7%, hitting $274.85 Monday morning, after the firm made an announcement that paves the way for COO David Solomon to replace CEO Lloyd Blankfein.

Last week, the Wall Street Journal reported that Blankfein could retire as soon as the end of the year.

The race to succeed Lloyd Blankfein as chief executive of Goldman Sachs has narrowed to one candidate, following the surprise departure of one of the United States investment bank's top executives.

Schwartz and Solomon were not quoted in the announcement.


Blankfein, 63, is one of the longest-serving CEOs at a bulge bracket bank having been in the role for 12 years.

"I feel like Huck Finn listening to his own eulogy", he added.

By contrast, Solomon has an investment banking background.

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

The bank typically maps out its succession planning by naming two or three candidates to top roles. Solomon, 56, a former investment banker, has been boosted by the strength in that business, where Goldman Sachs posted record revenue in 2017. The 55-year-old spends his free time as a DJ at nightclubs and doing yoga with his adult daughter, according to a profile in The New York Times.

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