Goldman Sachs succession now one-horse race following senior exit

Lloyd Blankfein chief executive officer of Goldman Sachs

"I want to thank Harvey for all he's done for the firm", Blankfein said in a statement. In 2009, Schwartz' department made more than $33 billion for the bank.

The announcement also came less than a week after Blankfein's prior deputy, former Goldman Sachs president Gary Cohn, quit his post as President Trump's top economic adviser. (The recent hunt for Immelt's replacement was far less dramatic, if all the more crucial to the company's future.) Then there's JPMorgan Chase, where a stream of executives have left the bank either on the understanding that they are not leading candidates to replace CEO Jamie Dimon, or perhaps in a break in their patience as they wait for the long-serving Dimon to announce a retirement date.

Lately, there's been a great deal of speculation about who might take Blankfein's place. But you could be forgiven for thinking otherwise, given the feverish palace intrigue surrounding the bank's selection of an heir apparent to succeed longtime CEO Lloyd Blankfein. Both had been considered likely successors to Lloyd Blankfein, the current CEO. In the aftermath of the financial crisis, the famously high-risk, high-return trading house is now redirecting resources into consumer banking and low-fee index funds.

Solomon, 55, joined Goldman Sachs in 1999 as a partner, one of the most coveted roles on Wall Street and a clear sign of his seniority at the time. He co-led the powerful investment banking division for a decade before he was promoted at the end of 2016.

David Solomon, president of Goldman Sachs. Before that, he did stints at Salomon Brothers and Drexel Burnham Lambert. His other extracurricular activities including moonlighting as D.J. Solomon is also a member of the board of trustees at Hamilton College, from which he graduated in 1984 with a degree in government.

"I look forward to continuing to work closely with David in building our franchise around the world", Mr. Blankfein said in the statement.

Julia La Roche is a finance reporter at Yahoo Finance.

Related news:

Hot News

isis-killer-beheading-video-story-top Tillerson says plans for North Korea meeting 'in the very early stages'
Mar 13, 2018 - 03:53
Beijing's fear of being excluded and its interests harmed is already being voiced by Chinese experts. Ensuring that China has a seat at the negotiating table should not be a central US objective.

isis-killer-beheading-video-story-top Not The First Time Naresh Agrawal Made A Controversial Comment
Mar 13, 2018 - 03:51
While the BJP distanced itself from his remarks, Swaraj took to Twitter: "Shri Naresh Agrawal has joined Bhartiya Janata Party". Welcoming the leader in BJP, she clarified that the defaming comments against anybody is not acceptable by the party.

isis-killer-beheading-video-story-top E.ON to buy RWE subsidiary Innogy
Mar 13, 2018 - 03:49
Germany's cartel office said it was too early to comment on possible hurdles in the planned asset swap deal. Today it reported 2017 results, saying its adjusted net profit grew by 9% to more than Euro 1.22 billion.

isis-killer-beheading-video-story-top Fla. governor signs school security, gun control bill; NRA sues to challenge
Mar 12, 2018 - 03:06
In schools, the measure creates new mental health programs and establishes an anonymous tip line for reporting threats. Among other steps, DeVos said she will chair a federal commission on school safety.

isis-killer-beheading-video-story-top Casey wins at Innisbrook as Woods come up short by a putt
Mar 12, 2018 - 03:03
Woods looked closer than ever to winning in his remarkable return from fusion surgery on his lower back last April. This was despite Woods' insane 44-foot birdie putt on the 17th hole on Sunday that put him in contention.

isis-killer-beheading-video-story-top Nick Gordon reportedly arrested on domestic violence charges once again
Mar 12, 2018 - 02:56
The pair told DailyMailTV in October that they had reconciled with Leal saying she had been the aggressor in the incident. Beyond that, authorities have been pretty tight-lipped about what led to this apparent domestic violence situation.

isis-killer-beheading-video-story-top DeShone Kizer heading to Packers in Damarious Randall deal with Browns
Mar 12, 2018 - 02:47
Montgomery, when healthy, can be an offensive weapon for Green Bay, whether as a running back or wide receiver remains to be seen. However, his stock plummeted when he was thrust into the starting lineup after Rodgers suffered a broken collarbone.

isis-killer-beheading-video-story-top Uttar Pradesh Bypolls: Voting Begins In Gorakhpur, Phulpur
Mar 12, 2018 - 02:47
Adityanath, who vacated the Gorakhpur seat after his elevation as the Chief Minister , had held it since 1998. In Uttar Pradesh , the voter turnout till 11 am was 16.80 percent in Gorakhpur and 12.20 percent in Phulpur.

isis-killer-beheading-video-story-top Kansas State Tops TCU in OT: Kansas On Deck
Mar 12, 2018 - 02:47
So far this season, Kansas has won both meetings but do not expect Kansas State to lay it all on the line during Friday's contest. We'll have to see. "We've got to keep fighting and looking forward and get ready for the [NCAA] tournament now".

isis-killer-beheading-video-story-top Kagiso Rabada faces suspension after 'shoulder brush' incident with Steve Smith
Mar 12, 2018 - 02:43
Rabada claimed the contact was unintentional and will have a disciplinary hearing on Sunday. Starc bowled Amla and Josh Hazlewood had Elgar caught behind eight balls later.

isis-killer-beheading-video-story-top Tom Brady Raised $7.5 Million for Charity By Shaving His Hair
Mar 12, 2018 - 02:43
Granite has raised almost $18 million for cancer research through the company's many fundraisers over the past four years. On Thursday, however, Brady's mane is getting attention for a different reason: he cut nearly all of it off.

isis-killer-beheading-video-story-top China-US trade war would produce no winners, only catastrophe, Beijing says
Mar 12, 2018 - 02:40
Part of the reason for the trade gap, Zhong said, was that the United States had restricted hi-tech exports to China. China will provide support for participants and exempt least-developed countries from the exhibition fee, he said.

isis-killer-beheading-video-story-top Providence College Friars Headed To Big East Finals After Miracle Comeback
Mar 12, 2018 - 02:39
Bridges spearheaded the effort with 25 points, eight rebounds and four assists, while Brunson added 21 points and three assists. In a game that will help pad his case for national player of the year, Brunson was an ice-cold assassin for Villanova (30-4).

isis-killer-beheading-video-story-top Brighton grad Kristen Wiig to play 'Cheetah' in Wonder Woman 2
Mar 12, 2018 - 02:36
Jenkins herself couldn't contain her excitement when tweeted out - So excited to confirm the most thrilling news . For those who don't know about Cheetah , she is known to be one of Wonder's woman's deadliest nemesis.

isis-killer-beheading-video-story-top President Donald Trump: "I Would Love To Run Against Oprah"
Mar 12, 2018 - 02:34
With the election just three days away, both campaigns have been attempting to galvanize their voters to turn out to the polls. So the hats will have a new slogan Trump rolled out Saturday night - Keep America Great, with an exclamation point.