Goldman Sachs succession now one-horse race following senior exit

Goldman Sachs succession now one-horse race following senior exit

Harvey Schwartz, Goldman Sachs' president and co-chief operating officer, will retire next month after more than 20 years at the high-powered investment bank, the company announced on Monday - just days after Wall Street was roiled by reports that his boss was set to retire.

By 1415 BST, Goldman Sachs shares were 1.41% higher at $274.58.

The key takeaway from this is that this move also paves the way for David Solomon to take over CEO duties from Lloyd Blankfein, when he eventually decides to step down.

The decision to go with Solomon shows that Goldman Sachs likes to "think of themselves as a tech company, and you have to have some bit of irreverence at the top of management in that kind of company", Kleinhanzl said. "Harvey's work ethic, command of complexity, and client focus have defined his career at the firm", said Lloyd Blankfein, Chairman and CEO of Goldman Sachs. A Goldman spokeswoman declined to comment. The following year, according to the Journal, the firm's traders made $33 billion in 2009, the most profitable year on record for a Wall Street broker-dealer. Schwartz came up through Goldman's trading business, where he played a central role during the 2008 financial crisis.

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Leon expects that Goldman will make a formal announcement before the end of the year on a new chief executive, probably Solomon. Before his current role, he co-headed the investment banking division and served as the global head of the financing group.

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, who is turning 56 this year, worked in junk bonds at Bear Stearns before joining Goldman as a partner in 1999, right before the firm's initial public offering.

Blankfein and the board were impressed, insiders say, by Solomon's proven ability to build businesses at a time when the bank is looking to grow, the strength of the investment-banking team he put together, and his efforts to recruit and retain talent. In an address at his alma mater, Hamilton College, Solomon said China's economy would surpass that of the U.S.

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