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Goldman Sachs' Schwartz retires, paves way for Solomon as next CEO

Goldman Sachs' Schwartz retires, paves way for Solomon as next CEO

Goldman Sachs CEO Lloyd Blankfein grew up in public housing in the East New York section of Brooklyn.

By contrast, Solomon has an investment banking background.

The race to succeed Lloyd Blankfein as chief executive of Goldman Sachs has narrowed to one candidate, following the surprise departure of one of the U.S. investment bank's top executives.

Schwartz and Solomon were not quoted in the announcement.

The Journal, citing people familiar with the matter, reported that Goldman was not looking beyond presidents and co-chief operating officers Harvey Schwartz and David Solomon to replace him. Blankfein, who steered the firm through the financial crisis, has yet to set a timetable for his departure or discuss his plans with senior colleagues, one of the people said.

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




The question of Blankfein's successor has been a topic of debate across the financial industry since Friday, when the Wall Street Journal reported that the CEO would step down as early as this year.

Solomon, 55, joined Goldman Sachs in 1999 as a partner, one of the most coveted roles on Wall Street and a clear sign of his seniority at the time.

Prior to joining Goldman Sachs, Solomon worked at Bear Stearns, where he helped run the now-defunct investment bank's junk bond business. He co-led the powerful investment banking division for a decade before he was promoted at the end of 2016. He moonlights as a DJ, has partied with the likes of Diddy, and once gave life-changing career advice to the Philadelphia 76ers guard J.J. Redick. He serves on Hamilton's board of trustees.

"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", said Blankfein.

Julia La Roche is a finance reporter at Yahoo Finance.


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