David Solomon named sole president for Goldman Sachs, putting him in upcoming in line for the throne

David Solomon named sole president for Goldman Sachs, putting him in upcoming in line for the throne

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Co-president Harvey Schwartz to retire next month

Goldman Sachs Team Inc. said David Solomon can be sole president of the provider, elevating him over Harvey Schwartz when the successor to Chief Executive Officer Lloyd Blankfein.

Schwartz, Fifty-four, will leave the firm on April 20, and Solomon provides as the sole president and also chief operating officer, the New York-based company said in a report Monday. The statement did not give a timeline for Blankfein’s inevitable retirement.

The question of Blankfein’s successor has been a topic of debate over the financial industry since Feb 5th, when the Wall Street Record reported that the CEO could step down as early as at the moment. Blankfein later tweeted that the announcement isn’t his. The chief hasn’t offered a timetable for his / her retirement, a person with knowledge of the challenge said last week.

“I look forward to still kicking it closely with David during building our franchise world wide,” Blankfein said in the report.

Solomon, 56, rose through the funding business after joining to be a partner from Bear Stearns Cos. as well as ran the firm’s top-ranked investment-banking company for a decade. He has furthermore taken on a leading role while in the bank’s diversity push and also initiatives to improve working conditions for young bankers. The actual part-time disc jockey, who attended Hamilton College or university, is also a wine collector along with an avid skier.

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