Goldman Sachs CEO succession clearer with Schwartz retiring


But Goldman said on Monday that Mr Schwartz will retire on April 20, leaving Mr Solomon as the most likely contender.

The Journal, citing people familiar with the matter, reported that Goldman was not looking beyond presidents and co-chief operating officers Harvey Schwartz and David Solomon to replace him.

On Monday morning Goldman announced that Mr Schwartz would leave the bank after a 20-year career, mostly in the securities division.

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It is now a lot clearer who will replace Lloyd Blankfein at the top of Goldman Sachs.

"I look forward to continuing to work closely with David in building our franchise around the world, serving our expanding client base and delivering strong returns for our shareholders", Blankfein said in a statement.

The report did add that the timing of a move could change, and that Blankfein was "firmly in control of his exit", but the current plan was that he would retire ahead of, or early in, Goldman's 150th anniversary year in 2019. When the Journal published its story, Blankfein took to Twitter and said the announcement was like "Huck Finn listening to his own eulogy". Prior to taking on the role of President and co-COO in January 2017, Schwartz was GS' CFO for four years. Schwartz came up through Goldman's trading business, where he played a central role during the 2008 financial crisis.

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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.

Goldman Sachs CEO Lloyd Blankfein grew up in public housing in the East New York section of Brooklyn.

Solomon rose through the financing business after joining as a partner from Bear Stearns Cos. and ran the firm's top-ranked investment-banking business for a decade.

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If Solomon does inherit the CEO job from Blankfein, he may have his work cut out for him.