Harvey Schwartz to depart Goldman Sachs

Goldman Sachs stock price

Markets Insider

The article put the spotlight on David Solomon and Harvey Schwartz as potential successors, after they were named co-presidents and co-chief operating officers at the end of 2016.

Mr Schwartz and Mr Solomon jointly hold the positions of co-chief operating officer and president and both had been considered likely successors to Lloyd Blankfein, the current chief executive.

There's now a clear frontrunner in the race to succeed long-time Goldman Sachs (GS) CEO, Lloyd Blankfein.

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. Mostly he has doubled down on the trading and risk-taking that otherwise fell out of favor across much of Wall Street.

Goldman made no mention of Blankfein's future plans in its announcement.

But on Twitter, Blankfein branded the report the Wall Street Journal's announcement "not mine".

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File picture shows David M. Solomon of Goldman Sachs speaking during the Milken Institute Global Conference in Beverly Hills, May 2017. Before that, he served as Goldman's chief financial officer and quarterbacked the firm's transition to tougher regulation.

Blankfein, who underwent chemotherapy for cancer more than two years ago, led the firm through the financial crisis in better shape than most rivals, and the company capitalized with record trading revenues.

The bank typically maps out its succession planning by naming two or three candidates to top roles. The 55-year-old spends his free time as a DJ at nightclubs and doing yoga with his adult daughter, according to a profile in The New York Times.

Solomon, 56, rose through the financing business after joining as a partner from Bear Stearns and ran the firm's top-ranked investment-banking business for a decade.

In other news, there's been a big shakeup at the top of Citigroup's stock trading business.

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