Harvey Schwartz to depart Goldman Sachs

Andrew Cummings
March 12, 2018

"Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs", Blankfein said.

That person is David Solomon, the bank's co-president and co-COO.

The bank announced that Harvey Schwartz, the firm's president and co-chief operating officer, has chose to retire effective April 20.

There's now a clear frontrunner in the race to succeed long-time Goldman Sachs (GS) CEO, Lloyd Blankfein.

"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", Blankfein said in Monday's announcement.

Reports surfaced last week that Mr Blankfein is preparing to to leave his post as soon as year-end in a move that would end a 12-year stint at the helm.

The Wall Street Journal reported last week that Blankfein was considering retiring at the end of this year, and named both Schwartz, 54, and Solomon, 56, as the only two candidates being considered to replace him. He has served a dozen years at the top of Wall Street's most powerful firm.

Schwartz and Solomon were not quoted in the announcement.

Solomon and Schwartz have been directly competing for a shot at the top job since being promoted to co-presidents in late 2016, after Gary Cohn left to join Donald Trump's administration.

Blankfein, who underwent chemotherapy for cancer more than two years ago, led the firm through the financial crisis in better shape than most rivals, and the company capitalized with record trading revenues.

By contrast, Solomon has an investment banking background.

Solomon rose through the financing business after joining as a partner from Bear Stearns Cos. and ran the firm's top-ranked investment-banking business for a decade.

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