Goldman Sachs President Harvey Schwartz to Retire

When Cohn, who had previously been seen as Blankfein's heir, chose to leave Goldman for the Trump administration, the firm named Schwartz and Solomon as his replacements in late 2016, setting up the recent race. Solomon, 56, a former investment banker, has been boosted by the strength in that business, where Goldman Sachs posted record revenue past year.

Mr Schwartz served five years as global co-head of the securities division, before being named CFO in 2013.

Goldman Sachs said Monday that Harvey Schwartz, its co-chief operating officer, will retire next month, clearing the way for David Solomon to eventually become the next chief executive of the Wall Street firm.

The CEO and chairman, who has run the firm since 2006, always indicated that he would stay for at least a couple of years after the December 2016 reshuffle.

News of Schwartz's departure comes after a Friday report by the Wall Street Journal indicated that Chief Executive Officer Lloyd Blankfein was set to retire as early as the end of 2018. He has been co-chief operating officer with Harvey M. Schwartz, who announced his retirement on Monday.

Blankfein later tweeted that the announcement wasn't his.

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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. That business brought in $7.3 billion in revenue in the company's latest fiscal year, while Johnson Controls got more than $22 billion in adjusted revenue from its main business, which makes heating and ventilation systems for buildings and other systems.

Last year, Schwartz and Solomon presented a joint plan to move the bank forward and generate $5 billion in additional revenue, with a vision to boost lending and open for business in new locations such as Seattle and Atlanta.

Solomon doesn't sound like your typical bank CEO. Cohn said Tuesday he is resigning from his role as chief economic advisor to the White House.

Solomon graduated from Hamilton College with a bachelor's degree in political science.

The New York Times first reported on the the double life of D-Sol in 2017, when the EDM DJ was just starting out, making rounds in New York, the Bahamas, and Miami.

There was no specific reason in the Goldman announcement about why Schwartz chose to retire. He has also taken on a leading role in the firm's diversity push and initiatives to improve working conditions for young bankers.