Goldman Sachs signals who its next CEO will be

The Goldman Sachs boss has been at the helm for a number of years

The Wall Street Journal had reported on Friday that Blankfein, 63, was expected to retire as soon as this year and the bank was not looking beyond Schwartz and Solomon to replace him.

Goldman Sachs president Harvey Schwartz is to retire in April, paving the way for David Solomon, his rival for the top spot, to succeed Lloyd Blankfein at the helm of the Wall Street bank.

Goldman, memorably described as a "great vampire squid" in a 2010 Rolling Stone essay, is among the most dominant financial institutions in the world.

But on Twitter, Blankfein branded the report the Wall Street Journal's announcement "not mine". Solomon, 56, a former investment banker, has been boosted by the strength in that business, where Goldman Sachs posted record revenue in 2017. He added, "I feel like Huck Finn listening to his own eulogy".

Mr Schwartz served five years as global co-head of the securities division, before being named CFO in 2013. In recent years, he has played an important role in revamping the investment bank's junior-banker policies and helped lead Goldman's efforts to build the ultimate financial destination for the masses under its Marcus brand.

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That person is David Solomon, the bank's co-president and co-COO.

"Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs", Blankfein said.

Outside work, Solomon is known as DJ D-Sol, spinning dance music at nightclubs, according to the New York Times.

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.

Solomon has also tended to be more of a public face for Goldman Sachs than Schwartz has. This puts him in a position that will likely have him taking over the CEO role when Lloyd Blankfein is ready to leave.

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