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Goldman Sachs President And Co-COO Harvey Schwartz To Retire

12 March 2018

Harvey Schwartz, Goldman Sachs' (NYSE:GS) president and co-chief operating officer, has made a decision to retire effective April 20, 2018.

Harvey Schwartz, one of the two men considered as the potential successor to Goldman Sachs CEO Lloyd Blankfein, is retiring next month, the bank announced Monday.

The race to succeed Lloyd Blankfein as chief executive of Goldman Sachs has narrowed to one candidate, following the surprise departure of one of the USA investment bank's top executives.

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Promoting Solomon to chief executive would be a departure for Goldman, which has been led by traders in recent years.

"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. A Reuters profile in 2011 named him as a CEO candidate down the line.

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Prior to Goldman, Solomon spent almost nine years at Bear Stearns. The 55-year-old spends his free time as a DJ at nightclubs and doing yoga with his adult daughter, according to a profile in The New York Times. He also does yoga with his adult daughter, dines out more frequently than some food critics and is a wine connoisseur.

Solomon rose through the financing business after joining as a partner from Bear Stearns Cos. and ran the firm's top-ranked investment-banking business for a decade. David Solomon will serve as sole President and Chief Operating Officer of the firm upon Harvey's retirement.

Lloyd Blankfein could step down as Goldman Sachs Group Inc chief executive as soon as the end of the year, the Wall Street Journal reported on Friday, swiveling the focus to fierce competition between the two contenders to replace him.

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Goldman Sachs President And Co-COO Harvey Schwartz To Retire