Goldman Sachs said on Monday that Harvey M. Schwartz would retire from the financial services firm, clearing the way for his fellow president and co-chief operating officer, David M. Solomon, to become the company's next chief executive.
The question of who will next lead the iconic Wall Street firm Goldman Sachs appears to be getting close to an answer. 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. 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 USA investment bank.
Blankfein, 63, is one of the longest-serving CEOs at a bulge bracket bank having been in the role for 12 years.
File picture shows David M. Solomon of Goldman Sachs speaking during the Milken Institute Global Conference in Beverly Hills, May 2017.
Cohn said last week he would resign, a move that came after he lost a fight over Trump's plans for hefty steel and aluminum import tariffs. Blankfein joined Goldman in 2006 and once joked he would die at his desk there. The stock has broken out past resistance and has set a new high for the year.
Solomon has several pursuits outside of the Wall Street bank.
Outside of the office, he serves on the board of The Robin Hood Foundation, an organization dedicated to fighting poverty.
Solomon graduated from Hamilton College with a bachelor's degree in political science.
He likes to DJ under the name "DJ D-Sol" in his spare time, spinning electronic dance music at clubs in New York, Miami, and the Bahamas.
Solomon has also taken on a leading role in the firm's diversity push, including presenting ideas to the board last June. The document didn't name the executive, but Goldman confirmed Solomon's identity to media and said the theft was discovered in the fall of 2016.