Published: Tue, March 13, 2018
Markets | By Terence Owen

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

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

Blankfein later tweeted that the announcement wasn't his.

With trading volumes drying up and regulators still honing in on big banks, it's been a hard time for Wall Street institutions like Goldman.

The sudden news was a shock on Wall Street, where Schwartz, who shared his titles and the effective No. 2 position at Goldman with David Solomon, was an odds-on favorite among many insiders to be the next leader of the storied bank. Blankfein will be leaving "sooner rather than later", and no one else has been seriously considered as his successor beyond Schwartz and Solomon, the source added.

Gary Cohn, who previously held the position occupied by Schwartz and Solomon, left previous year to work for the Trump administration.

The announcement also came less than a week after Blankfein's prior deputy, former Goldman Sachs president Gary Cohn, quit his post as President Trump's top economic adviser.

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. "I want to thank Harvey for all he's done for the firm".

The moves seem to put Solomon in direct line to succeed current CEO Lloyd Blankfein when the latter retires.

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"I look forward to continuing to work closely with David in building our franchise...", Blankfein, 63, said in the note. The firm, Mayo said, has been particularly weak in its trading business and questions remain about its strategy to expand into consumer lending.

In the years ahead, a priority for Solomon, if he indeed succeeds Blankfein as CEO, will be the rivalry between the US and China.

The end of Blankfein's tenure at the top of Goldman Sachs has always been a Wall Street talking point. It was only last week that Blankfein told them about the board's call, one of the people said.

Solomon has also taken on a leading role in the firm's diversity push, including presenting ideas to the board last June.

Clarity about a CEO's succession is not only helpful for investors, said Noel Tichy, a professor of management at the University of MI, but for employees.

"If you think about the selloffs that we've had, they've all been about 'are we going to get a fourth rate hike or aren't we?'" he said. "It creates all kinds of political coalitions. It's not healthy for the organization".

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