There's now a clear frontrunner in the race to succeed long-time Goldman Sachs (GS) CEO, Lloyd Blankfein.
Harvey Schwartz, Goldman Sachs' (NYSE:GS) president and co-chief operating officer, has chose to retire effective April 20, 2018. Blankfein, who steered the firm through the financial crisis, has yet to set a timetable for his departure or discuss his plans with senior colleagues, one of the people said. Former leaders of the bank have gone on to hold high-level positions in government, including former Senator and New Jersey governor Jon Corzine and former Treasury secretary Hank Paulson, among many others. Mostly he has doubled down on the trading and risk-taking that otherwise fell out of favor across much of Wall Street.
However, Goldman Sachs has not commented on that report and its statement on Monday made no mention of Blankfein's plans.
"I feel like Huck Finn listening to his own eulogy", he added.
"We saw the future as more of an investment-banking future than a securities or trading future and that favored Solomon", Charles Peabody, a Compass Point Research & Trading analyst, said in an interview with Bloomberg Television.
Harvey Schwartz's resignation comes after 20 years with Goldman Sachs. Before his current role, he co-headed the investment banking division and served as the global head of the financing group.
The bank typically maps out its succession planning by naming two or three candidates to top roles.
Schwartz and Solomon were not quoted in the announcement.
Prior to joining Goldman Sachs, Solomon worked at Bear Stearns, where he helped run the now-defunct investment bank's junk bond business.
Solomon has also tended to be more of a public face for Goldman Sachs than Schwartz has. Goldman's trading business has stumbled and its stock price is badly trailing rival Morgan Stanley as well as big banks like Citigroup and Bank of America.