Meet the front-runner to replace Goldman Sachs CEO Lloyd Blankfein

Jeannie Matthews
March 12, 2018

"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.

The Journal, citing people familiar with the matter that it didn't identify, said Blankfein, 63, could leave this year and the bank meant to replace him with one of its two co-presidents, David Solomon or Harvey Schwartz.

Goldman Sachs shares advanced 1.5 percent to $270.44 as of 12:08 p.m.in NY, near their highs for the day, after trading as low as $267.04 just after the Journal report.

Goldman announced Monday that one of the firm's two co-COO's, Harvey Schwartz, will retire, leaving David Solomon as the only COO and president at Goldman for the time being. Solomon and Schwartz have been jockeying to succeed Blankfein for months. "I want to thank Harvey for all he's done for the firm", Blankfein said in a statement.

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Lately, there's been a great deal of speculation about who might take Blankfein's place. Chief Executive Officer Lloyd Blankfein plans to step down as soon as the end of this year, the Wall Street Journal reported.

Blankfein, 63, is one of the longest-serving CEOs at a bulge bracket bank having been in the role for 12 years. Solomon, 56, a former investment banker, has been boosted by the strength in that business, where Goldman Sachs posted record revenue in 2017. Before his current role, he co-headed the investment banking division and served as the global head of the financing group.

Outside of the office, he serves on the board of The Robin Hood Foundation, an organization dedicated to fighting poverty. He moonlights as a DJ, has partied with the likes of Diddy, and once gave life-changing career advice to the Philadelphia 76ers guard J.J. Redick.

Julia La Roche is a finance reporter at Yahoo Finance.

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