Goldman Sachs management team changes amid CEO speculation
NEW YORK — Goldman Sachs (GS) said Monday that Harvey Schwartz, its co-chief operating officer, will retire next month, clearing the way for David Solomon to eventually become the next chief executive of the Wall Street firm.
Schwartz and Solomon jointly hold the positions of co-chief operating officer and president. Both had been considered likely successors to current CEO Lloyd Blankfein.
The Wall Street Journal reported last week that Blankfein was considering retiring as early as year-end, and named both Schwartz, 54, and Solomon, 56, as the only two candidates being considered to replace him. With Schwartz retiring effective April 20, that would leave only Solomon.
"We have met with David Solomon in the past and we believe him to be a capable leader at [Goldman Sachs], with significant experience running the investment bank and a longstanding member of GS' management committee," analysts with Keefe, Brennan & Woods said in a note.
Goldman made no mention of Blankfein's future plans in its announcement. When the Journal published its story, Blankfein took to Twitter and said the announcement was like "Huck Finn listening to his own eulogy." The firm has declined to comment on his future career plans.
Gary Cohn, who previously held the position occupied by Schwartz and Solomon, left last year to work for the Trump administration. Last week, Cohn announced his resignation from the White House. He is not expected to return to the investment bank.