Goldman clears way for CEO's successor

Cornelia Mascio
Marzo 13, 2018

President and Chief Operating Officer of Goldman Sachs, Harvey Schwartz, retired from the Goldman Sachs Group, leaving his colleague David Solomon the only president and Chief Operating Officer and main favorite for successor of Lloyd Blankfein.

The bank did not say why Schwartz was retiring.

The Wall Street bank's board had discussed choosing a single COO at a meeting in February as part of ongoing succession planning and decided on Solomon, a person familiar with the matter said.

Last Friday, the Wall Street Journal reported that Blankfein would be stepping down "as soon as year's end". Goldman did not comment on that report. He had been co-head of the bank's trading division before being promoted to chief financial officer in 2013, while Solomon, 56, had been a co-head of investment banking at Goldman since 2006 until becoming co-COO.

Schwartz, 53, will leave on April 20.

Analysts viewed Schwartz's retirement as a positive, because it clarifies the succession.

He outlined the goal of raising the bank's revenue by 5 billion United States dollars per year in September, after investors pushed the bank to be more transparent in terms of strategic prospects. "It sets a tone that the bankers are going to steer the ship incrementally more than the traders". Last week, Cohn announced his resignation from the White House.

Shares of Goldman Sachs rose $1.64 to $272.41 in morning trading.

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