Goldman Sachs CEO succession clearer with Schwartz retiring

Goldman Sachs CEO succession clearer with Schwartz retiring

Goldman Sachs CEO succession clearer with Schwartz retiring

21, and Blankfein had gathered with the Goldman Sachs Group Inc. board to reveal his long-awaited recommendation for the bank's next chief executive officer - the one who would steer the Wall Street giant through the next phase of its 149-year history.

Goldman Sachs Group (GS ) announced Monday morning that its President and Co-Chief Operating Officer, Harvey Schwartz, has made a decision to retire effective April 20, 2018.

Now, the bank has signaled that Blankfein's crown will eventually pass to current president and co-COO David Solomon, who served as co-head of investment banking for a decade. Blankfein himself has yet to announce a retirement date.

On Friday, The Wall Street Journal reported that the 63-year-old Blankfein is preparing to step down as soon as the end of the year.

Schwartz moved up the ranks at Goldman Sachs after starting in its commodities trading division, in the same manner as Blankfein. "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.

The end of Blankfein's tenure at the top of Goldman Sachs has always been a Wall Street talking point.

There's now a clear frontrunner in the race to succeed long-time Goldman Sachs (GS) CEO, Lloyd Blankfein. A power transition would likely be quick and the bank "isn't looking beyond Goldman's two co-presidents", the report said, citing sources. In the aftermath of the financial crisis, the famously high-risk, high-return trading house is now redirecting resources into consumer banking and low-fee index funds.

Cohn's departure from the bank came as Blankfein was on his way to his 11th year as CEO.

Solomon joined Goldman in 1999 as an outside partner, focusing on building out the company's high-yield debt business. Goldman's shares closed up just under 1 percent. He has also taken on a leading role in the firm's diversity push and initiatives to improve working conditions for young bankers.

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