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Goldman Sachs president Schwartz to retire in April

Goldman Sachs president Schwartz to retire in April

The race to succeed Lloyd Blankfein as CEO of Goldman Sachs looks to have become a formality after one of the two frontrunners announced his impending retirement.

The resignation of Harvey Schwartz will leave David Solomon as the sole President and COO of Goldman Sachs Group Inc. Solomon and Schwartz, the bank's co-chief operating officers, were in an internal competition for the top job.

In the bank's statement, Blankfein thanked Schwartz for his work at the firm.

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Solomon, prior to being tapped co-president in December 2016, worked for a decade as co-head of investment banking.

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 came up through Goldman's trading business, where he played a central role during the 2008 financial crisis.

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File picture shows David M. Solomon of Goldman Sachs speaking during the Milken Institute Global Conference in Beverly Hills, May 2017.

"Harvey's work ethic, command of complexity, and client focus have defined his career at the firm", Blankfein said in the statement.

Lloyd Blankfein was about to bet the future of Goldman Sachs.

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Vertical Group analyst Dick Bove, who sharply criticized Blankfein's leadership of Goldman, said selecting Solomon would position the bank for new opportunities amid changing United States policies on taxes, trade and potentially fiscal stimulus. He later took over the bank's investment banking division, where profits doubled and revenue rose 70% during his tenure. Today, Goldman's share price is up 0.7% as of this writing. He and Solomon were named co-COO in December 2016 in a setup that appeared to pit the two against each other to eventually lead what is viewed as the most powerful United States investment bank. Solomon also led a study about improving the quality of life for Goldman's junior bankers, resulting in new limits on weekend working hours, the report said.


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