Economy

Goldman Sachs names David Solomon as CEO Lloyd Blankfein's replacement

Goldman Sachs names David Solomon as CEO Lloyd Blankfein's replacement”

ReutersGoldman Sachs Group Inc. unexpectedly announced on Monday that Harvey Schwartz will retire from the bank, leaving David Solomon as sole president and chief operating officer and the most obvious successor to Chief Executive Lloyd Blankfein.

The bank did not say why Schwartz was retiring. "I look forward to continuing to work closely with David in building our franchise...", Blankfein, 63, said in the note. He was considered one of the two contenders together with Co-President Solomon for the highest position in the largest United States investment bank.

Bennett Goodman, a senior managing director of the private-equity firm Blackstone, said in an email to The New York Times, "He's client-centric, direct and candid", "You never doubt he'll tell you what he really believes even when it's not what you want to hear". He will retire on April 20th.

Shares of Goldman Sachs rose $1.64 to $272.41 in morning trading. Despite outperforming many of its competitors, the bank's approximately 80% return over the 12 years that Blankfein has been in charge has lagged the S&P 500's 120% return and fallen short of competitor JPMorgan Chase & Co.'s (JPM) 190% return over the same period. He had been co-head of the bank's trading division before being promoted to chief financial officer in 2013.

He outlined the goal of raising the bank's revenue by 5 billion United States dollars per year in September, after investors pushed the bank to be more transparent in terms of strategic prospects.



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