This content is from: Corner Office

Goldman Sachs President Harvey Schwartz to Retire

Schwartz's retirement sets up David Solomon to succeed Lloyd Blankfein as CEO.

  • By Christine Idzelis

Harvey Schwartz, co-president and co-chief operating officer of Goldman Sachs Group, is retiring from the Wall Street bank next month.

Schwartz will step down on April 20, according to a Goldman Sachs statement Monday. David Solomon will then become sole president and chief operating officer.

The announcement of Schwartz's retirement shines the light on Solomon as the bank's next possible chief executive officer. Schwartz and Solomon have been viewed as potential successors to CEO Lloyd Blankfein since Goldman named them co-presidents and co-COOs in December 2016. 

"I look forward to continuing to work closely with David in building our franchise around the world, serving our expanding client base and delivering strong returns for our shareholders," Blankfein said in the statement.

[II Deep Dive: Blankfein Prepares to Exit Goldman, WSJ Reports]

Blankfein, 63, has served as the bank's CEO for about 12 years. 

The Wall Street Journal reported March 9 that he could step down as soon as yearend. "It's the @WSJ's announcement...not mine," Blankfein said in a tweet the same day. "I feel like Huck Finn listening to his own eulogy."

Over the past 20 years, Schwartz has held various leadership roles across Goldman, including a stint as chief financial officer and global co-head of the bank's securities division, according to the announcement Monday.

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

Related Content