Goldman Sachs to name DJ D-Sol as next CEO

13 March, 2018, 10:52 | Author: Eleanor Thompson
  • Goldman Sach's New York headquarters

News of Schwartz's departure comes after a Friday report by the Wall Street Journal indicated that Chief Executive Officer Lloyd Blankfein was set to retire as early as the end of 2018.

Co-chief operating officer and co-president Schwartz will retire on April 20, according to a statement.

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.

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Long seen as the undisputed king of Wall Street, Goldman Sachs has come under greater scrutiny over the a year ago or two as returns of its once-formidable trading divisions have languished and as rival Morgan Stanley has won plaudits for its asset management services.

That leaves sole COO David Solomon as Lloyd Blankfein's heir apparent. He has been co-chief operating officer with Harvey M. Schwartz, who announced his retirement on Monday. The following year, according to the Journal, the firm's traders made $33 billion in 2009, the most profitable year on record for a Wall Street broker-dealer. He added, "I feel like Huck Finn listening to his own eulogy".

With Schwartz's exit the way looks clear for Solomon to take the top job. Before his current role, he co-headed the investment banking division and served as the global head of the financing group.

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

The CEO and chairman, who has run the firm since 2006, always indicated that he would stay for at least a couple of years after the December 2016 reshuffle. Solomon is also a member of the board of trustees at Hamilton College, from which he graduated in 1984 with a degree in government. He played an important role in revamping the investment bank's junior-banker policies, including quicker promotions and expanding tech platforms that can handle some of the grunt work associated with junior-level banking.

He likes to DJ under the name "DJ D-Sol" in his spare time, spinning electronic dance music at clubs in New York, Miami, and the Bahamas.

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