David Solomon: Goldman Sachs Next CEO?

David Solomon Goldman Sachs

The bank announced that Harvey Schwartz, the firm's president and co-chief operating officer, has chose to retire effective April 20.

Solomon and Schwartz were named co-chief operating officers and presidents in December 2016, following the departure of then-COO Gary Cohn to the Trump administration.

In the bank's statement, Blankfein thanked Schwartz for his work at the firm.

In September, Schwartz had outlined a target to grow revenue by US$5 billion a year, after investors pressured the bank to be more transparent about its strategy outlook after two quarters of weak trading results.

Last week, The Wall Street Journal reported that Blankfein would most likely retire, on his own terms, ahead of Goldman Sachs' 150th anniversary in 2019, or early that year.

"The future of Goldman Sachs is going to be on the advisory side of investment banking, customer services, new market opportunities like retail banking and taking their capital and making principal investments or loans", said Ken Leon, an analyst at CFRA Research.

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Before taking the co-COO role, Solomon had been a cohead of investment banking in NY for a decade.

Solomon joined Goldman in 1999 as an outside partner, focusing on building out the company's high-yield debt business.

"Harvey's work ethic, command of complexity, and client focus have defined his career at the firm", said Mr Blankfein. 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.

It will also help squash the public parlor game over who will succeed Blankfein, which has drawn repeated headlines about the competition between Schwartz and Solomon.

Shares of Goldman Sachs finished up 1.0 percent to $273.38.

Solomon has several pursuits outside of the Wall Street bank. He has also taken on a leading role in the firm's diversity push and initiatives to improve working conditions for young bankers.

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