Goldman Sachs President And Co-COO Harvey Schwartz To Retire

Goldman Sachs President And Co-COO Harvey Schwartz To Retire

Goldman Sachs President And Co-COO Harvey Schwartz To Retire

A black-belt in karate, Schwartz moved up the ranks at Goldman Sachs after starting in its commodities trading division, in the same manner as Blankfein.

Harvey Schwartz, one of the bank's two presidents and chief operating officers, is retiring next month, the bank announced Monday.

Both had been seen as likely successors to Blankfein, the bank's longstanding chairman and chief executive; so Schwartz's departure paves the way for Solomon to eventually become the next chief executive of the Wall Street firm.

Harvey Schwartz, Goldman Sachs' (NYSE:GS) president and co-chief operating officer, has made a decision to retire effective April 20, 2018.

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He added: "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".

Solomon, 55, joined Goldman Sachs in 1999 as a partner, one of the most coveted roles on Wall Street and a clear sign of his seniority at the time.

When the Wall Street Journal first published its story, Mr Blankfein took to Twitter and said the announcement was like "Huck Finn listening to his own eulogy". Before that, he served as Goldman's chief financial officer and quarterbacked the firm's transition to tougher regulation. In recent years, he has played an important role in revamping the investment bank's junior-banker policies and helped lead Goldman's efforts to build the ultimate financial destination for the masses under its Marcus brand.

Goldman Sachs CEO Lloyd Blankfein grew up in public housing in the East New York section of Brooklyn.

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"We saw the future as more of an investment-banking future than a securities or trading future and that favored Solomon", Charles Peabody, a Compass Point Research & Trading analyst, said in an interview with Bloomberg Television.

Solomon doesn't sound like your typical bank CEO.

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

File picture shows David M. Solomon of Goldman Sachs speaking during the Milken Institute Global Conference in Beverly Hills, May 2017.

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