Sunday 19 August 2018

Harvey Schwartz to depart Goldman Sachs

Reports surfaced last week that Mr Blankfein is preparing to to leave his post as soon as year-end in a move that would end a 12-year stint at the helm.

Goldman Sachs chairman and CEO Lloyd Blankfein speaks at the Bloomberg Global Business Forum in New York. Blankfein is planning on retiring as soon as the end of this year, The Wall Street Journal is reporting (AP Photo/Mark Lennihan, File)
Goldman Sachs chairman and CEO Lloyd Blankfein speaks at the Bloomberg Global Business Forum in New York. Blankfein is planning on retiring as soon as the end of this year, The Wall Street Journal is reporting (AP Photo/Mark Lennihan, File)

By Ravender Sembhy, Press Association City Editor

Goldman Sachs co-chief operating officer Harvey Schwartz will retire from the Wall Street giant next month, clearing the path for David Solomon to eventually become the next chief executive of the investment bank.

Mr Schwartz and Mr Solomon jointly hold the positions of co-chief operating officer and president and both had been considered likely successors to Lloyd Blankfein, the current chief executive.

Reports surfaced last week that Mr Blankfein is preparing to to leave his post as soon as year-end in a move that would end a 12-year stint at the helm.

The American bank was said to be eyeing one of Mr Schwartz and Mr Solomon to succeed Mr Blankfein.

But Goldman said on Monday that Mr Schwartz will retire on April 20, leaving Mr Solomon as the most likely contender.

Goldman declined to comment.

When the Wall Street Journal first published its story, Mr Blankfein took to Twitter and said the announcement was like “Huck Finn listening to his own eulogy.”

Mr Blankfein is already one of the longest serving Wall Street banking chiefs, having taken his post in 2006, and is expected to step down from his role around the lender’s 150th anniversary in 2019.

Press Association

Today's news headlines, directly to your inbox every morning.

Editors Choice

Also in World News