Goldman Names Solomon as next in line to replace CEO Blankfein

Goldman Sachs chairman and CEO Lloyd Blankfein speaks at the Bloomberg Global Business Forum in New York. – AP

Goldman Sachs chairman and CEO Lloyd Blankfein speaks at the Bloomberg Global Business Forum in New York. – AP

Goldman announced Monday that one of the firm's two co-COO's, Harvey Schwartz, will retire, leaving David Solomon as the only COO and president at Goldman for the time being.

The chief executive of Goldman Sachs has said reading a report forecasting his imminent retirement plans was like hearing his own eulogy - indicating the bank's boss is staying put for the near future.

There's now a clear frontrunner in the race to succeed long-time Goldman Sachs (GS) CEO, Lloyd Blankfein.

On Friday, The Wall Street Journal reported that the 63-year-old Blankfein is preparing to step down as soon as the end of the year. Mostly he has doubled down on the trading and risk-taking that otherwise fell out of favor across much of Wall Street.

But on Twitter, Blankfein branded the report the Wall Street Journal's announcement "not mine". Solomon, 56, a former investment banker, has been boosted by the strength in that business, where Goldman Sachs posted record revenue in 2017. He and Solomon were named co-COO in December 2016 in a setup that appeared to pit the two against each other to eventually lead what is viewed as the most powerful USA investment bank. Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs. Before that, he served as Goldman's chief financial officer and quarterbacked the firm's transition to tougher regulation. Before his current role, he co-headed the investment banking division and served as the global head of the financing group.

Solomon doesn't sound like your typical bank CEO.

Prior to joining Goldman Sachs, Solomon worked at Bear Stearns, where he helped run the now-defunct investment bank's junk bond business.

In other news, there's been a big shakeup at the top of Citigroup's stock trading business.

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