Thursday, 26 April, 2018

One of Lloyd Blankfein's heir apparents just unexpectedly retired

Goldman Sachs chairman and CEO Lloyd Blankfein speaks at the Bloomberg Global Business Forum in New York. – AP Goldman Sachs chairman and CEO Lloyd Blankfein speaks at the Bloomberg Global Business Forum in New York. – AP
Preston Stone | 12 March, 2018, 18:28

Both had been seen as likely successors to Blankfein, the bank's longstanding chairman and chief executive; so Schwartz's departure paves the way for Solomon to eventually become the next chief executive of the Wall Street firm.

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 United States investment bank's top executives.

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 appeared to distance himself from the Journal´s report on Friday afternoon. "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. The firm's fixed-income trading business, which produced Schwartz, is coming off its worst year in more than a decade.

Stokes to miss India Test after trial date set
The England and Wales Cricket Board (ECB) announced that he would travel to New Zealand to join the squad after the court hearing. Stokes, 26, wearing a grey shirt, said "Hi judge" when he was introduced to Judge Peter Blair via the video link.

Schwartz, 54, was the firm's chief financial officer after helping to run its trading business.

Before taking the co-COO role, Solomon had been a cohead of investment banking in NY for a decade. The 55-year-old spends his free time as a DJ at nightclubs and doing yoga with his adult daughter, according to a profile in The New York Times.

Prior to Goldman, Solomon spent almost nine years at Bear Stearns. Before his current role, he co-headed the investment banking division and served as the global head of the financing group.

If Solomon does inherit the CEO job from Blankfein, he may have his work cut out for him. "I want to thank Harvey for all he's done for the firm", said Blankfein, adding, "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".

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