Goldman Sachs President Harvey Schwartz to Retire

13 March 2018, 05:40 | Andres Norman

Goldman exec eyed as possible CEO is leaving

David Solomon Set to Succeed Blankfein as Goldman CEO as Rival Steps Down

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.

Last 'Tom vs. Time' episode reveals how bad Brady's hand was
Check out the full "Tom vs". "But I just said to them, I said to 'em, 'Look this is a great lesson: we don't always win". In a previous episode, Gisele said that Brady told her he wanted to play to win two more Super Bowls before retiring.

Guardiola says he could not have imagined City title runaway
They have to, because sometimes I can not reach them during a game. "They're better than that, they're much better than that". This must be a great frustration for me, for my players, for my club. "Who could believe?" he said.

Documentary About Russian Sports Doping Wins Oscar
Before it blew the lid on a Russian doping scandal, Icarus was already a stranger-than-fiction endeavor. Netflix reportedly paid $5 million to acquire the film.

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.



Other News

Trending Now

Bairstow century powers England to series victory
England welcome Alex Hales back into the XI for the series-deciding match after Jason Roy was ruled out due to back spasms. They lost three wickets where their player Jonny Bairstow scored a century in the match and got player of the match award.

Thousands in London without water
Southern Water, which supplies much of Kent, urged customers to "only use the water you absolutely must". Bottled water was brought in for the residents affected by the outage.

Trump Talked to Witnesses About Their Interviews With Mueller
The Times report referenced the obstruction investigation with regard to Trump's interactions with McGahn and Priebus. The President has not been questioned by Mueller; Trump's lawyers are negotiating terms of a possible interview.

Aston Martin reveals track-only Valkyrie AMR Pro
If you're wanting one, sorry, but the company says it's already sold them all. "Suffice to say, they're quite impressive", he added.

SFIO summons Chanda Kochhar, Shikha Sharma
The ED has also traced some of the money being routed back to the banks for re-issuing letter of undertaking, or LoUs. PNB has lent Rs 587 crore as working capital, while ICICI Bank has lent Rs 405 crore to Mr Choksi's firms.

Frances McDormand's Oscar Was Stolen
He also appeared to show off the Oscar in a now-deleted live video posted on a Facebook account for Terry Bryant Djmatari. It was not immediately clear in what capacity he was attending the event, but police said he had a ticket.

Eight weeks to fix PNG LNG quake damage
Oil Search on Monday said it will revise its production guidance and estimate the likely earnings hit when it can. ExxonMobil's Hide Gas Conditioning Plant saw the plant's camp damaged by the quake.

Theresa May Rejects 'Passporting' For City Of London After Brexit
He added: "Our shared hope is that the future EU-UK relationship can achieve these goals". "Yes, there will be ups and downs in the months ahead.

Game 4: Michigan Wolverines outlast Iowa, 77-71, in overtime
Top dunk: Early in the second half, Michigan's Moe Wagner threw down a vicious one-handed slam that brought the crowd to its feet. Five players are averaging at least 8.2 points per game for Nebraska, they are James Palmer Jr. "The foul shots didn't go in".

NPP, BJP, regional parties to form government in Meghalaya
The National People's Party of Conrad Sangma is in the second place with 14 seats, followed by the BJP which is leading in 7. The United Democratic Party (UDP), which is a part of the BJP-led North East Democratic Alliance (NEDA), has won six seats.