Goldman Sachs’ Schwartz to retire, narrowing field for Blankfein’s replacement
PNC Financial Services Group Senior Vice President Stuart Hoffman and Benchmark managing partner Kevin Kelly on the markets and the outlook for economic growth.
Harvey Schwartz, Goldman Sachs’ (NYSE:GS) president and co-chief operating officer, has decided to retire effective April 20, 2018. David Solomon will serve as sole president and COO of the firm upon Schwartz’s retirement.
Solomon and Schwartz were widely seen as competitors to succeed current CEO Lloyd Blankfein when he retires.
“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,” said Blankfein, adding, “I look forward to continuing to work closely with David in building our franchise around the world, serving our expanding client base and delivering strong returns for our shareholders.”The Wall Street Journal reported Friday that Blankfein will retire by the end of the year. However, Blankfein took to Twitter to respond saying “It's the @WSJ's announcement...not mine. I feel like Huck Finn listening to his own eulogy.