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

A source close to the situation told AFP there was no firm timetable to longtime Goldman Sachs chief executive Lloyd Blankfein's departure

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.

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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.

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