Goldman Sachs signals likely CEO pick as it shifts strategy

David Solomon Set to Succeed Blankfein as Goldman CEO as Rival Steps Down

The Wall Street Journal reported on Friday that Goldman Sachs Chief Executive Officer Lloyd Blankfein was expected to retire and the bank was not looking beyond presidents and co-chief operating officers Harvey Schwartz and David Solomon to replace him. He has been co-chief operating officer with Harvey M. Schwartz, who announced his retirement on Monday.

David Solomon is likely going to be the next CEO of Goldman Sachs Group Inc (NYSE:GS) once Lloyd Blankfein steps down.

In September, Schwartz had outlined a target to grow revenue by US$5 billion a year, after investors pressured the bank to be more transparent about its strategy outlook after two quarters of weak trading results.

"Harvey's work ethic, command of complexity, and client focus have defined his career at the firm", said Mr Blankfein. He and Solomon were named co-COO in December 2016 in a setup that appeared to pit the two against each other to eventually lead what is viewed as the most powerful USA investment bank.

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Goldman made no mention of Blankfein's future plans in its announcement.

Harvey Schwartz's resignation comes after 20 years with Goldman Sachs.

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. In recent years, he has played an important role in revamping the investment bank's junior-banker policies and helped lead Goldman's efforts to build the ultimate financial destination for the masses under its Marcus brand. In the aftermath of the financial crisis, the famously high-risk, high-return trading house is now redirecting resources into consumer banking and low-fee index funds. Today, Goldman's share price is up 0.7% as of this writing.

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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