Who is David Solomon? Goldman banker moves closer to top role

Who is David Solomon? Goldman banker moves closer to top role

Who is David Solomon? Goldman banker moves closer to top role

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.

Goldman Sachs Group Inc said Monday that President and Co-Chief Operating Officer Harvey Schwartz has chose to retire effective April 20, 2018.

Schwartz had been on a trajectory toward the CEO's suite, with twenty years of experience in both trading and investment banking, as well as years as the company's chief financial officer.

The question of who will next lead the iconic Wall Street firm Goldman Sachs appears to be getting close to an answer.

Solomon has also tended to be more of a public face for Goldman Sachs than Schwartz. Blankfein, 63, has joked that he intends to die at his desk, but he has signaled to people inside Goldman that he may leave as chief executive as early as this year, according to two people familiar with his thinking.

Over the past 20 years, Schwartz has held various leadership roles across Goldman, including a stint as chief financial officer and global co-head of the bank's securities division, according to the announcement Monday. It claims that this may happen as soon as the end of the year, but Blankfein hasn't confirmed or denied the report. "I feel like Huck Finn listening to his own eulogy", he tweeted, referring to an incident in the Mark Twain novel Adventures of Huckleberry Finn. They also cited Solomon's diverse background and investment-banking expertise as benefits, and said Goldman's transparency in laying out the succession plan will help insiders at the firm focus on doing business instead of wondering who's going to take over as CEO.

Schwartz has been co-president and chief operating officer since January 2017. The stock has broken out past resistance and has set a new high for the year.

Solomon's trajectory to Goldman Sachs stardom was less-than-typical - he skipped the Ivy League and studied political science at Hamilton College in upstate NY.

Solomon is credited with building up a high-yield debt business and ran the firm's investment banking division from 2006 to 2016.

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