Harvey Schwartz quits Goldman Sachs

There's now a clear frontrunner in the race to succeed long-time Goldman Sachs (GS) CEO, Lloyd Blankfein.

The investment bank intends to replace Blankfein, 63, with one of its two co-presidents, David Solomon or Harvey Schwartz, the newspaper said Friday, citing people familiar with the matter that it didn't name.

Goldman, memorably described as a "great vampire squid" in a 2010 Rolling Stone essay, is among the most dominant financial institutions in the world. He added, "I feel like Huck Finn listening to his own eulogy". In September he unveiled the bank's plan to boost revenue by $5 billion in three years.

Solomon will become sole president and chief operating officer of the bank as of April 20, the company said Monday. Before that, he served as Goldman's chief financial officer and quarterbacked the firm's transition to tougher regulation.

There was no specific reason in the Goldman announcement about why Schwartz chose to retire.

More news: Educators angry as bill cutting teacher benefits advances in Kentucky

Analysts viewed Schwartz's retirement as a positive for the bank because it clarified the succession planning and appeared to remove the possibility of the bank having co-CEOs. Putting Solomon in the CEO seat suggests that his more client-facing background - Solomon led the firm's investment banking business for a decade, producing results Mayo said were "one of the best growth engines at Goldman Sachs" over the past 10 years - is ascendant.

Harvey Schwartz's resignation comes after 20 years with Goldman Sachs. He was global head of the financing group at the bank before becoming co-head of the investment banking division from July 2006 to December 2016. Solomon moonlights as an electronic music disc jockey, which he puts in terms of giving an example to younger bankers. He set up a task force to ease the workload of toiling junior bankers and is known for moonlighting as a DJ at venues in New York, Miami and the Bahamas.

Solomon, who is turning 56 this year, worked in junk bonds at Bear Stearns before joining Goldman as a partner in 1999, right before the firm's initial public offering.

If Solomon does inherit the CEO job from Blankfein, he may have his work cut out for him. That business brought in $7.3 billion in revenue in the company's latest fiscal year, while Johnson Controls got more than $22 billion in adjusted revenue from its main business, which makes heating and ventilation systems for buildings and other systems.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Bias Against Transgender Workers Is Sex Bias Under Federal Law (1)
McCabe said his organization is "consulting with our client to consider their options for appeal". Harris Funeral Homes in Detroit fired her after she disclosed her intention to transition.

Bomb planted on London tube created to cause 'carnage'
Stephen Nash noticed a "blinding light and the feeling that he was in a furnace engulfed in flames", the court was told. Eighteen-year-old Ahmed Hassan is on trial for attempted murder and causing an explosion likely to endanger life.

Lovren Confident No Matter Who Liverpool Face Next in Champions League
Klopp will resist the urge to rest key players and will probably only make up to three changes, fitness and illness permitting. Both sides have participated in many high-scoring games this year, and we think over 2.5 goals is a certainty in this game.

Syria war: Jaish al-Islam to evacuate n of Eastern Ghouta fighters
The Syrian army has also advanced into the area between the two large towns of Harasta and Douma , they added. A Syrian soldier secures aid convoy after its return from eastern Ghouta in Damascus, Syria March 9, 2018.

'Appalling' - Liz Hurley tells of 'brutal attack' on her nephew
Elizabeth Hurley has said her nephew lost more than four pints of blood after being repeatedly stabbed in a mob attack in London . The actress, 52, was seen arriving at Heathrow Airport yesterday after she heard Miles Hurley , 21, had been hospitalised.

Restrictions in Srinagar to prevent protests (Lead, correcting second para)
In January, anti-India protests erupted across Kashmir after soldiers killed three civilians during clashes in the same area. In major parts of the Srinagar city as well as major towns and villages of the Valley, restriction have been imposed.

Man accused of stealing Frances McDormand's Oscar arrested
The actress was celebrating her win of the award for best actress for her role in Three Billboards Outside Ebbing, Missouri . Police said Bryant was exiting the Governors Ball when he was photographed holding an Oscar statuette.

Emergency Declared In Sri Lanka, Troops Deployed
Ganeshan said the state of Emergency would give Sirisena the power to deploy the armed forces across the country. Action could have been taken sooner to prevent clashes.

Tom Brady releases final episode in documentary series, 'Tom vs
You've got to have answers to those questions, and they have to be with a lot of conviction. He went on to light up the Eagles for 505 yards in a tough loss at Super Bowl LII .

Gun control: U.S. justice department moves to ban rapid-fire bump stocks
On Saturday, the justice department submitted a proposed regulation that would prohibit the sale of the devices. This submission is a formal requirement of the regulatory review process.

Despite Mueller's Push, House Republicans Declare No Evidence of Collusion
Representative Adam Schiff , the top committee Democrat, strongly disagreed, and blasted the announcement as a premature shutdown. The committee's GOP leaders announced their decision on Monday, adding that they plan to release a report soon on their findings.

Get Your Printable NCAA Tournament Bracket
Oklahoma State also missed out - despite two wins over No. 1 seed Kansas - after losing to the Jayhawks in the Big 12 Tournament . Davidson, the number three seed in the Atlantic 10 tournament , upset Rhode Island in the A-10 championship game.

Sunshine today, snow returns tonight — Metro Detroit Weather
Today: After a fairly cloudy start, bright or sunny spells will develop through the day and it will stay largely dry. It looks like right now most moisture will slide south of central IN on Friday afternoon and evening.

Average price of United States gas remains steady at $2.59 a gallon
Roseville, CA- Just two short years ago, average prices in Roseville for regular unleaded hovered below the $2.40 per gallon mark. MI is 11th in the nation for most expensive daily gas prices and 1st in the nation for biggest change in weekly average price.

Teen Who Escaped Horror House Reportedly Posted Videos on YouTube
They were arrested in January when Police raided their home in Perris, finding their 13 children living in abhorrent conditions. The case drew worldwide attention and shocked neighbors who said they rarely saw the couple's children in the neighborhood.


More News

News
More News