Harvey Schwartz out of Goldman succession race

David Solomon Set to Succeed Blankfein as Goldman CEO as Rival Steps Down

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.

Schwartz will leave the bank on April 20, and Solomon will serve as the sole president and chief operating officer, the New York-based company said in a statement Monday. Blankfein later tweeted that he hasn't made an announcement. Former leaders of the bank have gone on to hold high-level positions in government, including former Senator and New Jersey governor Jon Corzine and former Treasury secretary Hank Paulson, among many others. The decision was signaled Monday with the abrupt retirement of Solomon's lone rival for the job, Harvey M Schwartz, 54. "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.

David Solomon may be taking over as the CEO of Goldman Sachs sooner than expected.

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"David's always believed that having a wide range of outside interests leads to a balanced life and makes for a better career", Jake Siewert, a Goldman spokesman, said in a New York Times report in July 2017 "He's preached that regularly to younger employees in the firm and tries to lead by example". He played an important role in revamping the investment bank's junior-banker policies, including quicker promotions and expanding tech platforms that can handle some of the grunt work associated with junior-level banking. Schwartz came up through Goldman's trading business, where he played a central role during the 2008 financial crisis. The firm's fixed-income trading business, which produced Schwartz, is coming off its worst year in more than a decade. And, that once Schwartz retires, Solomon will become the company's sole President and COO.

Blankfein, 63, has served as the bank's CEO for about 12 years.

"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. He was global head of the financing group at the bank before becoming co-head of the investment banking division from July 2006 to December 2016.

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