Goldman Sachs said Monday that Harvey Schwartz, its co-chief operating officer, will retire next month, clearing the way for David Solomon to eventually become the next chief executive of the Wall Street firm.
Schwartz and Solomon were not quoted in the announcement. David Solomon will serve as sole President and Chief Operating Officer of the firm upon Harvey's retirement. He was seen as a possible successor for Goldman's current chairman and CEO, Lloyd Blankfein. He had been co-head of the bank's trading division before being promoted to chief financial officer in 2013, while Solomon, 56, had been a co-head of investment banking at Goldman since 2006 until becoming co-COO. He has served a dozen years at the top of Wall Street's most powerful firm. When the Journal published its story, Blankfein took to Twitter and said the announcement was like "Huck Finn listening to his own eulogy". Schwartz came up through Goldman's trading business, where he played a central role during the 2008 financial crisis. 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. The 55-year-old spends his free time as a DJ at nightclubs and doing yoga with his adult daughter, according to a profile in The New York Times.
The Journal reported that Solomon gave zero bonuses to 5% of his bankers, hinting that they should look for another job, but has also led efforts to lighten the workload for junior bankers and to recruit and promote more women. "Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs".