Goldman Sachs CEO succession clearer with Schwartz retiring

Goldman Sachs CEO succession clearer with Schwartz retiring

Goldman Sachs CEO succession clearer with Schwartz retiring

He and Solomon were named co-COO in 2016 in a setup that appeared to pit them against each other to eventually lead the most powerful U.S. investment bank.

The Wall Street bank's board had discussed choosing a single COO at a meeting in February as part of ongoing succession planning and decided on Solomon, a person familiar with the matter said.

Last Friday, the Wall Street Journal reported that Blankfein would be stepping down "as soon as year's end". Goldman Sachs refused to comment on the validity of the report, but analysts have been expecting since at least 2015, when Blankfein was diagnosed with a treatable form of lymphoma, that his days were numbered.

Schwartz has been in charge of trade for years before being appointed Chief Financial Officer in 2012.

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The bank did not announce why Harvey Schwartz retired. With Schwartz retiring effective April 20, that would leave only Solomon. "It sets a tone that the bankers are going to steer the ship incrementally more than the traders".

In early 2017, Schwartz became Chief Operating Officer along with 56-year-old Solomon after Gary Cohn left Goldman to become Chief Economic Adviser of the US President Donald Trump.

Cohn said last week he would resign, a move that came after he lost a fight over Trump's plans for hefty steel and aluminum import tariffs.

Shares of Goldman Sachs rose $1.64 to $272.41 in morning trading.

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