In a press release Monday, Goldman Sachs announced the retirement of Schwartz, effective April 20, clearing the way for Solomon - a weekend EDM DJ who previously ran the firm's investment banking division for a decade - to take the reigns of the fifth-largest United States investment bank when Blankfein eventually steps down.
Goldman Sachs said on Monday that Harvey M. Schwartz would retire from the financial services firm, clearing the way for his fellow president and co-chief operating officer, David M. Solomon, to become the company's next chief executive.
Harvey Schwartz, Goldman Sachs' (NYSE:GS) president and co-chief operating officer, has made a decision to retire effective April 20, 2018. Both had been considered likely successors to Lloyd Blankfein, the current CEO.
However, Goldman Sachs has not commented on that report and its statement on Monday made no mention of Blankfein's plans.
Blankfein, 63, is one of the longest-serving CEOs at a bulge bracket bank having been in the role for 12 years.
The announcement provided no timeline for when Blankfein will step down. "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".
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Schwartz has been co-president and chief operating officer since January 2017.
By contrast, Solomon has an investment banking background.
The Journal reported that Solomon gave zero bonuses to 5% of his bankers, hinting that they should look for another job, but has also led efforts to lighten the workload for junior bankers and to recruit and promote more women.
The bank typically maps out its succession planning by naming two or three candidates to top roles.
Outside work, Solomon is known as DJ D-Sol, spinning dance music at nightclubs, according to the New York Times. Solomon ended up taking a demotion to join Goldman Sachs, a bet that now seems to have paid off in spades. Goldman's trading business has stumbled and its stock price is badly trailing rival Morgan Stanley as well as big banks like Citigroup and Bank of America.