David Solomon Named Goldman Sachs President

Marco Green
March 13, 2018

The Goldman Sachs Group, Inc. announced that Harvey Schwartz, the firm's President and Co-Chief Operating Officer, has chose to retire effective April 20, 2018 and that Solomon will serve as sole President and Chief Operating Officer of the firm upon Harvey's retirement.

Schwartz will leave the bank on 20 April, and Solomon will serve as the sole president and chief operating officer (COO), the New York-based bank said in a statement on Monday. (GS), under the leadership of CEO Lloyd Blankfein.

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. Blankfein later tweeted the announcement wasn't his. Goldman Sachs refused to comment on the validity of the report, but analysts have been expecting since at least 2015, when Blankfein was diagnosed with a treatable form of lymphoma, that his days were numbered. Schwartz and Solomon were named as co-COO roles after Gary Cohn left to become US President Donald Trump's chief economic adviser.

Cohn said last week he would resign, a move that came after he lost a fight over Trump's plans for hefty steel and aluminum import tariffs. He is not expected to return to Goldman.

Goldman shares rose almost 1.4 percent to hit a lifetime high in morning trade, and last traded up 0.7 percent at $272.69 by midday.

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