Goldman Sachs names David Solomon as CEO Lloyd Blankfein's replacement

Goldman Sachs names David Solomon as CEO Lloyd Blankfein's replacement

Harvey Schwartz, one of the frontrunners to replace Lloyd Blankfein at the helm of Goldman Sachs, has quit just days after it emerged the chief executive was planning to stand down.

In April, Solomon will become the bank's sole COO, as Harvey Schwartz, his co-COO and chief rival, enters retirement. A spokesman for Goldman Sachs didn't immediately return a call for comment.

But you could be forgiven for thinking otherwise, given the feverish palace intrigue surrounding the bank's selection of an heir apparent to succeed longtime CEO Lloyd Blankfein.

David Solomon taking over as the next CEO of the company is likely to happen due to the upcoming resignation of Harvey Schwartz.

The Wall Street Journal reported March 9 that he could step down as soon as yearend.

Florida club closed due to hoofed attraction
The city said the horse determined that this activity is "an actual threat to the public health, welfare and safety". CBS Miami now reports that the club has lost its license , and that a criminal investigation is currently underway.

Jordan Bone: Leads Vols to SEC Tournament Final
Louis, we've reached the championship round. "I told you a few weeks ago not to count Kentucky out when they had some struggles". We have another chance to play, which is an fantastic opportunity. "We all know what we can do moving forward", Green said.

2018 free agency: Raiders showing interest in Richard Sherman
Should a signing not happen before Sherman leaves Santa Clara, his next visit will reportedly be with the Detroit Lions . The big injury there is the Achilles tear and that's because coming back from that isn't easy.

Blankfein, 63, one of the longest-serving CEOs on Wall Street, has led what is viewed as the most powerful USA investment bank for almost 12 years.

"I look forward to continuing to work closely with David in building our franchise around the world", Blankfein, 63, said in the statement. What's more, Blankfein and JPMorgan's Jamie Dimon are the only two remaining big bank CEOs from the 2008 financial crisis. Blankfein later tweeted that the announcement wasn't his. He was global head of the financing group at the bank before becoming co-head of the investment banking division from July 2006 to December 2016.

Picking Solomon is consistent with Goldman's growth plan outlined last fall in which it emphasized greater investment banking presence in the middle market, as well as stepped-up operations in asset management and newer ventures in online banking, said Wang.

Key to growing its tech-intensive businesses - which are central to the $5 billion in new revenues Goldman is chasing - will be landing young talent with a different skill set than the classes of traders and investment bankers of years past.

Solomon, who is turning 56 this year, worked in junk bonds at Bear Stearns before joining Goldman as a partner in 1999, right before the firm's initial public offering. The part-time disc jockey, who attended Hamilton College, is also a wine collector and an avid skier.

Related news:

Hot News

isis-killer-beheading-video-story-top German power firm Innogy boosted by latest utility shake-up
Mar 13, 2018 - 10:56
Chief executive Peter Terium resigned late a year ago in the wake of a profit warning leaving Uwe Tigges as interim CEO. Innogy and E.ON have large overlapping retail businesses in Germany and Britain.

isis-killer-beheading-video-story-top Sevilla: Montella warns Man Utd ahead of Champions League showdown
Mar 13, 2018 - 10:55
The start of the month saw the Reds come from behind to defeat defending Premier League champions Chelsea at home in a 2-1 win. We are still in the race for both.

isis-killer-beheading-video-story-top 15 soldiers killed in western Afghan attack
Mar 13, 2018 - 10:55
The development came as insurgent attacks against security forces have stepped up across Afghanistan, including in Farah province. A senior official in the province said that reinforcements have reached the area in a bid to push back the fighters.

isis-killer-beheading-video-story-top From the GOP with love -- Trump gets gift from Russian Federation panel
Mar 13, 2018 - 10:53
Adam Schiff of California, the committee's senior Democrat and a former federal prosecutor, said in a recent statement. Rooney also warned that the government needs to act to prevent foreign interference in the upcoming midterm elections.

isis-killer-beheading-video-story-top Aldon Smith Pleads Not Guilty to Domestic Violence Charges
Mar 13, 2018 - 10:52
Fenno reports Smith will plead guilty to the charge and accept one year of jail time along with three years of probation. But he never played up to that level and the Raiders have chose to cut him instead of paying him $8.5 million this year.

isis-killer-beheading-video-story-top Khloé Kardashian celebrates baby shower in style
Mar 13, 2018 - 10:49
Khloe is now eight months pregnant and looking forward to welcoming her first child with her boyfriend, Tristan Thompson . Khloe and Tristan Thompson's little one will also be decked out in a Givenchy Kids leather jacket for a mere $1,450.

isis-killer-beheading-video-story-top Taylor Swift Debuts 'Delicate' Music Video, Shows Off Her Dance Moves
Mar 12, 2018 - 09:24
Then she realizes that she's gone invisible to everyone else thanks to a magical note someone passed to her. I can not wait to see you on tour, I'm actually in rehearsals right now, and that's why I am not there.

isis-killer-beheading-video-story-top 'American Idol' is officially back - can it overcome its rocky start?
Mar 12, 2018 - 09:24
Everyone's favorite singing competition , American Idol , is back from the dead-or, more aptly, American Idol is back from a nap. Watch his story on NewsWatch 12 at 5 and 6. "You've got three different faces". "I'm always looking for the biggest one".

isis-killer-beheading-video-story-top Thousands of Indian farmers march to demand government help
Mar 12, 2018 - 09:22
Many farmers leaders said that it should not be considered as a communist protest as it is for the betterment of the farmers. The tribal farmers reached Thane on Sunday morning and Somaiya ground at Chunabhatti in the evening.

isis-killer-beheading-video-story-top Elon Musk says SpaceX will make 'short flights' to Mars next year
Mar 12, 2018 - 09:21
He also predicted a utopian social model for the red planet, akin to the ancient Greek republics, without the slavery. Artist's rendering of U.S. astronaut planting a flag on Mars.

isis-killer-beheading-video-story-top 'We deserved it': Rodgers revels in Celtic's derby win over Rangers
Mar 12, 2018 - 09:21
I would say this is the game people are talking about most in my career". But an absolutely brilliant win and a great day for the supporters".

isis-killer-beheading-video-story-top Tiger out of the woods
Mar 12, 2018 - 09:21
Watch the final round of the Valspar Championship live on Sunday from 5pm on Sky Sports Golf and 6.30pm on Sky Sports Main Event. After a discussion with an official to confirm there was no penalty he holed out for a par .

isis-killer-beheading-video-story-top Memo: No Tanks, 'Older' Aircraft at Trump's Military Parade
Mar 11, 2018 - 01:51
Trump praised the French display months later when he and Macron met in NY , saying: "We're going to have to try and top it". In a Pentagon memo released to CNN on Friday, the Department of Defense is now moving forward with a plan of a parade.

isis-killer-beheading-video-story-top Waymo launching self-driving truck pilot to Atlanta
Mar 11, 2018 - 01:50
The company added that it believes that "self-driving technology has the potential to make this sector safer and even stronger". It's doing this through the same way you'd each anyone with passenger vehicle driving experience on how to drive a semi truck.

isis-killer-beheading-video-story-top Richard Sherman lists Texans among teams who have expressed interest
Mar 11, 2018 - 01:46
San Francisco started the offseason with a $137.5 million pact with impending free agent Jimmy Garoppolo . It is not yet clear how the four-time All-Pro defensive back will bounce back from his Achilles injury.