Goldman CEO prepares to exit


Solomon, 56, a former investment banker, has been boosted by the strength in that business, where Goldman Sachs posted record revenue in 2017.

Before taking the co-COO role, Solomon had been a cohead of investment banking in NY for a decade.

Schwartz and Solomon jointly hold the positions of co-chief operating officer and president. "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.

Goldman announced Monday that one of the firm's two co-COO's, Harvey Schwartz, will retire, leaving David Solomon as the only COO and president at Goldman for the time being.

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Lately, there's been a great deal of speculation about who might take Blankfein's place.

The Wall Street Journal had reported yesterday that Blankfein is gearing up to stand down from the helm "as soon as the end of the year" after more than 12 years steering the firm. The Wall Street Journal reported that the announcement signaled that Solomon would lead the bank after Blankfein's departure.

The American bank was said to be eyeing one of Mr Schwartz and Mr Solomon to succeed Mr Blankfein. What's more, Blankfein and JPMorgan's Jamie Dimon are the only two remaining big bank CEOs from the 2008 financial crisis.

Solomon previously worked at Bear Stearns and Drexel Burnham Lambert - the investment bank that pioneered the use of junk bonds for corporate takeovers under Michael Milken, who was jailed for securities fraud. Before that, he did stints at Salomon Brothers and Drexel Burnham Lambert. He moonlights as a DJ, has partied with the likes of Diddy, and once gave life-changing career advice to the Philadelphia 76ers guard J.J. Redick.

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Solomon graduated from Hamilton College with a bachelor's degree in political science.

"I look forward to continuing to work closely with David in building our franchise around the world", Blankfein, 63, said in the statement.

Julia La Roche is a finance reporter at Yahoo Finance.

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