Published: Mon, March 12, 2018
Money | By Armando Alvarado

Goldman Sachs Names Solomon as Next in Line to Replace CEO Blankfein

Goldman Sachs Names Solomon as Next in Line to Replace CEO Blankfein

And when Solomon and Schwartz were promoted to president and co-COO in late 2016, days after Gary Cohn, who had been Blankfein's right-hand man, accepted a role leading the White House's National Economic Council, it was seen as a sign that the two were the leading contenders to take the CEO seat when Blankfein stepped down.

On Monday, Goldman Sachs announced that Harvey Schwartz, the firm's other president and co-COO, would retire next month and that Solomon would become the sole executive in those roles.

David Solomon is likely going to be the next CEO of Goldman Sachs Group Inc (NYSE:GS) once Lloyd Blankfein steps down.

"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 said in Monday's announcement.

Goldman made no mention of Blankfein's future plans in its announcement. He added, "I feel like Huck Finn listening to his own eulogy".

Schwartz, 53, had been a co-head of trading for several years before being named chief financial officer in 2012.

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He and Solomon were named co-COO in December 2016 in a setup that appeared to pit the two against each other to eventually lead what is viewed as the most powerful U.S. investment bank.

Prior to Goldman, Solomon spent almost nine years at Bear Stearns.

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.

Outside work, Solomon is known as DJ D-Sol, spinning dance music at nightclubs, according to the New York Times. Solomon ended up taking a demotion to join Goldman Sachs, a bet that now seems to have paid off in spades.

Blankfein, the son of a postal worker who grew up in a Brooklyn housing project, has become a billionaire from his Goldman Sachs career.

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