Goldman Sachs President And Co-COO Harvey Schwartz To Retire

Pauline Gross
March 13, 2018

Solomon doesn't sound like your typical bank CEO.

Goldman Sachs (GS) said David Solomon will become sole president of the company, elevating him over Harvey Schwartz as the eventual successor to Chief Executive Officer Lloyd Blankfein.

The storied investment bank announced that co-president Harvey Schwartz would retire, leaving Solomon the firm's lone president, a move that many Goldman Sachs watchers viewed as a key step in succession. Harvey's work ethic, command of complexity, and client focus have defined his career at the firm. Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs.

Lately, there's been a great deal of speculation about who might take Blankfein's place. In a November tweet he said: "So much at stake, why not make sure consensus still there?"

Blankfein is said to be considering retiring as early as this year, ending his 12-year reign at the bank, insiders told The Post.

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He joined Goldman in 1999, and oversaw investment banking during and after the financial crisis.

"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. He co-led the powerful investment banking division for a decade before he was promoted at the end of 2016. Before that, he did stints at Salomon Brothers and Drexel Burnham Lambert. He serves on the board of The Robin Hood Foundation, a nonprofit for fighting poverty in New York City.

He studied political science at Hamilton College, and now serves as a trustee.

"I look forward to continuing to work closely with David in building our franchise around the world, serving our expanding client base and delivering strong returns for our shareholders", Blankfein added.

Julia La Roche is a finance reporter at Yahoo Finance.

Other reports by GizPress

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