Saturday, 23 June, 2018

Goldman Sachs CEO succession clearer with Schwartz retiring

A Goldman Sachs sign is displayed inside the company's post on the floor of the New York Stock Exchange in New York U.S. April 18 A Goldman Sachs sign is displayed inside the company's post on the floor of the New York Stock Exchange in New York U.S. April 18
Laurie Berry | 12 March, 2018, 18:27

By contrast, Solomon has an investment banking background.

Mr Schwartz and Mr Solomon jointly hold the positions of co-chief operating officer and president and both had been considered likely successors to Lloyd Blankfein, the current chief executive.

Solomon and Schwartz, the bank's co-chief operating officers, were in an internal competition for the top job. Solomon and Schwartz have been jockeying to succeed Blankfein for months.

Lately, there's been a great deal of speculation about who might take Blankfein's place.

The Wall Street Journal had reported on Friday that Blankfein, 63, was expected to retire as soon as this year and the bank was not looking beyond Schwartz and Solomon to replace him.

However, Goldman Sachs has not commented on that report and its statement on Monday made no mention of Blankfein's plans.

OnePlus 5 and 5T expected to refresh with Android 8.1 Oreo update
The update also adds support to migrate application data as well as brings optimized full-screen gesture support (OP5T only). It brings the new auto pick up gesture, which will let you answer an incoming call by just raising the phone.

Blankfein, 63, one of the longest-serving CEOs on Wall Street, has led what is viewed as the most powerful US investment bank for almost 12 years. What's more, Blankfein and JPMorgan's Jamie Dimon are the only two remaining big bank CEOs from the 2008 financial crisis. He has served a dozen years at the top of Wall Street's most powerful firm.

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. Before that, he did stints at Salomon Brothers and Drexel Burnham Lambert. His other extracurricular activities including moonlighting as D.J.

He also had a less-than-typical career path - he skipped the Ivy League and studied political science at Hamilton College in upstate NY. He serves on Hamilton's board of trustees.

He added: "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".

Julia La Roche is a finance reporter at Yahoo Finance.

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