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Harvey Schwartz out of Goldman succession race

13 March 2018

David Solomon, now heir apparent at Goldman Sachs to CEO Lloyd Blankfein, is known for boosting the investment banking division's revenue, spearheading a move to ease the workload of junior bankers and working as an occasional disc jockey with the stage name D.J.

The Wall Street Journal reported last week that Blankfein is set to step down as CEO by 2019 and tipped Schwartz and fellow co-president and co-chief operating officer David Solomon as the favourites to succeed him. David Solomon will serve as sole president and chief operating officer of the firm upon Harvey's retirement.

"Harvey's work ethic, command of complexity, and client focus have defined his career at the firm", said Mr Blankfein.

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Harvey Schwartz, one of the frontrunners to replace Lloyd Blankfein at the helm of Goldman Sachs, has quit just days after it emerged the chief executive was planning to stand down.

Blankfein, who underwent chemotherapy for cancer more than two years ago, led the firm through the financial crisis in better shape than most rivals, and the company capitalized with record trading revenues. It claims that this may happen as soon as the end of the year, but Blankfein hasn't confirmed or denied the report.

Leon expects that Goldman will make a formal announcement before the end of the year on a new chief executive, probably Solomon. He also gained a huge financial leg-up from Donald Trump's sweeping tax reform bill, because of his supplemental work at Goldman Sachs.

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Solomon rose through the financing business after joining as a partner from Bear Stearns Cos. and ran the firm's top-ranked investment-banking business for a decade. Schwartz, who now shares the roles with Solomon, is retiring.

He also had a less-than-typical career path- he skipped the Ivy League and studied political science at Hamilton College in upstate NY.

Picking Solomon is consistent with Goldman's growth plan outlined last fall in which it emphasized greater investment banking presence in the middle market, as well as stepped-up operations in asset management and newer ventures in online banking, said Wang.

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Harvey Schwartz out of Goldman succession race