Harvey Schwartz out of Goldman succession race

Goldman Sachs president Harvey Schwartz is to retire in April, paving the way for David Solomon, his rival for the top spot, to succeed Lloyd Blankfein at the helm of the Wall Street bank.

On Monday morning Goldman announced that Mr Schwartz would leave the bank after a 20-year career, mostly in the securities division.

The former chief financial officer had been promoted to the role of president and chief operating officer in December, 2016, along with Mr Solomon, after Gary Cohn decided to join the Trump administration as the president's top economic advisor.

Mr Solomon will now continue in the role alone, suggesting that he is a clear frontrunner to replace Mr Blankfein, who is approaching the end of his tenure. On Friday the CEO responded to a report saying he planned to stand aside as soon as the end of this year, saying in a tweet that he felt like “Huck Finn listening to his own eulogy.”

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The CEO and chairman, who has run the firm since 2006, always indicated that he would stay for at least a couple of years after the December 2016 reshuffle.

“Harvey’s work ethic, command of complexity, and client focus have defined his career at the firm,” said Mr Blankfein. “Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs. I want to thank Harvey for all he’s done for the firm.”

Mr Schwartz served five years as global co-head of the securities division, before being named CFO in 2013. He joined the firm in 1997 as a vice president through Goldman’s acquisition of J Aron, a commodities broker.

– Copyright The Financial Times Limited 2018