Goldman Sachs names David Solomon as CEO Lloyd Blankfein's replacement

Goldman Sachs names David Solomon as CEO Lloyd Blankfein's replacement

Goldman Sachs names David Solomon as CEO Lloyd Blankfein's replacement

Harvey Schwartz, one of the two men considered as the potential successor to Goldman Sachs CEO Lloyd Blankfein, is retiring next month, the bank announced Monday.

D-Sol now serves as the co-president of the company, but will likely be chosen following the announcement that Harvey M. Schwartz, a black belt in karate who serves as the other half of Goldman Sachs's presidential team, is retiring.

News of Schwartz's departure comes after a Friday report by the Wall Street Journal indicated that Chief Executive Officer Lloyd Blankfein was set to retire as early as the end of 2018.

Goldman, memorably described as a "great vampire squid" in a 2010 Rolling Stone essay, is among the most dominant financial institutions in the world.

Solomon will become sole president and chief operating officer of the bank as of April 20, the company said Monday. Blankfein later tweeted the announcement wasn't his.

Goldman Sachs has been gaining ground since the open of trade Monday and is now higher by 3.89 at $274.66. 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.

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David Solomon may be taking over as the CEO of Goldman Sachs sooner than expected. Before his current role, he co-headed the investment banking division and served as the global head of the financing group.

Prior to joining Goldman Sachs, Solomon worked at Bear Stearns, where he helped run the now-defunct investment bank's junk bond business.

Solomon has several pursuits outside of the Wall Street bank.

Most of the stocks on the New York Stock Exchange were trading higher. 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.

His rise to heir apparent prompts a host of questions for Goldman, including the big ones: when exactly will Blankfein make his handoff, and what will Solomon do then?

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