David Solomon: Goldman Sachs Next CEO?

Goldman Sachs CEO says report of his departure didn't come from him

Solomon and Schwartz have been directly competing for a shot at the top job since being promoted to co-presidents in late 2016, after Gary Cohn left to join Donald Trump's administration.

Goldman Sachs Group Inc said today that Harvey Schwartz will retire from the bank, leaving David Solomon as sole president and chief operating officer and the most obvious successor to Chief Executive Lloyd Blankfein.

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David Solomon may be taking over as the CEO of Goldman Sachs sooner than expected. "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. In recent years, he has played an important role in revamping the investment bank's junior-banker policies and helped lead Goldman's efforts to build the ultimate financial destination for the masses under its Marcus brand.

Before taking the co-COO role, Solomon had been a cohead of investment banking in NY for a decade. Before that, he served as Goldman's chief financial officer and quarterbacked the firm's transition to tougher regulation.

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Blankfein paid tribute to him, saying: "Harvey's work ethic, command of complexity, and client focus have defined his career at the firm". It follows a typical succession plan pattern at the Wall Street bank, which tends to name two or three people into co-head roles until one of them proves to be the right choice for further promotion. The 55-year-old spends his free time as a DJ at nightclubs and doing yoga with his adult daughter, according to a profile in The New York Times.

Solomon previously worked at Bear Stearns and Drexel Burnham Lambert - the investment bank that pioneered the use of junk bonds for corporate takeovers under Michael Milken, who was jailed for securities fraud.

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Solomon has also tended to be more of a public face for Goldman Sachs than Schwartz has.

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