21, and Blankfein had gathered with the Goldman Sachs Group Inc. board to reveal his long-awaited recommendation for the bank's next chief executive officer - the one who would steer the Wall Street giant through the next phase of its 149-year history.
Goldman Sachs said Monday that Harvey Schwartz, its co-chief operating officer, will retire next month, clearing the way for David Solomon to eventually become the next chief executive of the Wall Street firm. In a November tweet he said: "So much at stake, why not make sure consensus still there?" Former leaders of the bank have gone on to hold high-level positions in government, including former Senator and New Jersey governor Jon Corzine and former Treasury secretary Hank Paulson, among many others. With Schwartz retiring effective April 20, that would leave only Solomon. In September, he unveiled the bank's plan to boost revenue by $5 billion in three years.
Goldman Sachs has apparently chosen an heir to Lloyd Blankfein. A black-belt in karate, Schwartz moved up the ranks at Goldman Sachs after starting in its commodities trading division, in the same manner as Blankfein.
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Solomon is credited with building up a high-yield debt business and ran the firm's investment banking division from 2006 to 2016.
Blankfein, who underwent chemotherapy for cancer more than two years ago, led the firm through the financial crisis in better shape than most rivals, and the company capitalized with record trading revenues.
The decision to go with Solomon shows that Goldman Sachs likes to "think of themselves as a tech company, and you have to have some bit of irreverence at the top of management in that kind of company", Kleinhanzl said. After a stint at Bear Stearns, he joined Goldman as a partner in 1999, the year Goldman went public.
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Before taking the co-COO role, Solomon had been a co-head of investment banking in NY for a decade.
Solomon has also taken on a leading role in the firm's diversity push, including presenting ideas to the board last June. In an address at his alma mater, Hamilton College, Solomon said China's economy would surpass that of the U.S.
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