Goldman Sach's New York headquarters
New York (AFP) - Goldman Sachs announced Monday that co-president Harvey Schwartz would retire, leaving David Solomon the sole president and next in line to become the investment bank’s next chief executive.
The announcement comes amid speculation over the future leadership of the storied investment bank following a Wall Street Journal report Friday that current chief executive Lloyd Blankfein could retire as soon as this year.
The Journal said Schwartz and Solomon, jointly appointed co-presidents in December 2016, were seen as the two candidates in line to replace Blankfein. The two men were promoted when former president Gary Cohn left Goldman for the White House.
Schwartz, who previously served as chief financial officer and in other senior roles, will leave the company on April 20.
“David Solomon will serve as sole President and Chief Operating Officer of the firm upon Harvey’s retirement,” Goldman said in a news release.
Though still a powerhouse, Goldman Sachs has taken some hits to its financial performance over the last couple of years ago, with low market volatility hitting crucial trading revenue streams.
The Journal said the timing of Blankfein’s departure was fluid, but that he could leave ahead of, or early in 2019 – Goldman’s 150th anniversary
Blankfein himself appeared to throw doubt on aspects of the Journal’s story, saying on Twitter: “It is the Wall Street Journal’s announcement…not mine. I feel like Huck Finn listening to his own eulogy.”