Published: Tue, March 13, 2018
Global News | By Stacy Ballard

Meet the front-runner to replace Goldman Sachs CEO Lloyd Blankfein

Meet the front-runner to replace Goldman Sachs CEO Lloyd Blankfein

The announcement that one of Goldman Sachs's two COOs would resign brought some clarity to the question of the bank's future leadership, after the Wall Street Journal reported that the bank's current CEO, Lloyd Blankfein, would leave by the end of the year.

The banking giant announced today that its co-president and co-chief operating officer Harvey Schwartz had made a decision to retire effective on 20 April.

The bank announced that Harvey Schwartz, the firm's president and co-chief operating officer, has chose to retire effective April 20. Blankfein himself has yet to announce a retirement date.

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.

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Long seen as the undisputed king of Wall Street, Goldman Sachs has come under greater scrutiny over the previous year 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.

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

"Harvey's work ethic, command of complexity, and client focus have defined his career at the firm", Blankfein said in the statement.

"I look forward to continuing to work closely with David in building our franchise around the world", Blankfein, 63, said in the statement. In 2009, Schwartz' department made more than $33 billion for the bank.

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Shares of Goldman Sachs finished up 1.0 percent to $273.38. Putting Solomon in the CEO seat suggests that his more client-facing background - Solomon led the firm's investment banking business for a decade, producing results Mayo said were "one of the best growth engines at Goldman Sachs" over the past 10 years - is ascendant.

Solomon has several pursuits outside of the Wall Street bank.

Solomon, according to media reports, is described as an affable, strong manager who professionalized the firm's investment banking unit and is known for his efforts to improve the working hours of its young employees and promote diversity and inclusion at the firm.

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