Goldman Sachs Clears the Way for a Succession Plan

Goldman Sachs Clears the Way for a Succession Plan

Goldman Sachs is closer to naming an heir to Lloyd Blankfein, its longstanding chief executive, after announcing the departure of one of his two likely successors.

The banking giant announced today that its co-president and co-chief operating officer Harvey Schwartz had chose to retire effective on 20 April.

By 1415 BST, Goldman Sachs shares were 1.41% higher at $274.58.

There's now a clear frontrunner in the race to succeed long-time Goldman Sachs (GS) CEO, Lloyd Blankfein. The following year, according to the Journal, the firm's traders made $33 billion in 2009, the most profitable year on record for a Wall Street broker-dealer. The decision was signaled Monday with the abrupt retirement of Solomon's lone rival for the job, Harvey M Schwartz, 54.

Goldman Sachs said on Monday that Harvey M. Schwartz would retire from the financial services firm, clearing the way for his fellow president and co-chief operating officer, David M. Solomon, to become the company's next chief executive.

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In the years ahead, a priority for Solomon, if he indeed succeeds Blankfein as CEO, will be the rivalry between the USA and China. After a stint at Bear Stearns, he joined Goldman as a partner in 1999, the year Goldman went public.

Blankfein himself made a cryptic reference to the news on Twitter, saying it's "WSJ's announcement.not mine". It follows a typical succession plan pattern at the Wall Street bank, which tends to name two or three people into co-head roles until one of them proves to be the right choice for further promotion. "Harvey's work ethic, command of complexity, and client focus have defined his career at the firm".

Solomon graduated from Hamilton College with a bachelor's degree in political science. He played an important role in revamping the investment bank's junior-banker policies, including quicker promotions and expanding tech platforms that can handle some of the grunt work associated with junior-level banking.

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