Goldman Sachs president Schwartz to retire in April

  • Goldman Sachs president Schwartz to retire in April

Goldman Sachs president Schwartz to retire in April

Solomon will become sole president and chief operating officer of the bank as of April 20, the company said Monday.

The sudden news was a shock on Wall Street, where Schwartz, who shared his titles and the effective No. 2 position at Goldman with David Solomon, was an odds-on favorite among many insiders to be the next leader of the storied bank. The decision was made in February, CNBC has learned.

The question of Blankfein's successor has been a topic of debate across the financial industry since Friday, when the Wall Street Journal reported that the CEO would step down as early as the end of this year.

With Schwartz's exit the way looks clear for Solomon to take the top job. What's more, Blankfein and JPMorgan's Jamie Dimon are the only two remaining big bank CEOs from the 2008 financial crisis. That leaves David Solomon as Goldman's lone president and chief operating officer; the two men had shared the roles since January 2017.

Cohn said last week he would resign, a move that came after he lost a fight over Trump's plans for hefty steel and aluminum import tariffs. But you could be forgiven for thinking otherwise, given the feverish palace intrigue surrounding the bank's selection of an heir apparent to succeed longtime CEO Lloyd Blankfein. But the bank's once-mighty trading desks have struggled to return to their peak in 2009, when revenue from the business reached $33 billion. The stock has broken out past resistance and has set a new high for the year.

Outside of the office, he serves on the board of The Robin Hood Foundation, an organization dedicated to fighting poverty.

He also had a less-than-typical career path - he skipped the Ivy League and studied political science at Hamilton College in upstate NY. The part-time disc jockey, who attended Hamilton College, is also a wine collector and an avid skier. D-Sol in locations ranging from NY to the Bahamas.

Solomon, according to media reports, is described as an affable, strong manager who professionalized the firm's investment banking unit and is known for his efforts to improve the working hours of its young employees and promote diversity and inclusion at the firm.