The Strategist

Goldman Sachs to appoint David Solomon, Harvey Schwartz in Gary Cohn's stead


12/14/2016 - 16:20



US investment bank Goldman Sachs Group Inc, is expected to appoint David Solomon and Harvey Schwartz top aides to Chief Executive Lloyd Blankfein.



Gary D. Cohn - World Economic Forum
Gary D. Cohn - World Economic Forum
According to The Wall Street Journal’s sources, names of Solomon and Schwartz, appointment of whom may be announce as early as Wednesday, emerged after US President-elect Donald Trump promised to invite President and Managing Director of Goldman Sachs Gary Cohn to his newly formed cabinet, according to Reuters.

Previously, it was assumed that position of Cohn as president of Goldman Sachs is likely to be split. The bank’s CFO Harvey Schwartz and David Solomon, another leader in investment banking, are the most likely candidates for positions of co-presidents, noted sources familiar with the matter.

Such rotation may return Goldman to structure with President and Managing Director. Earlier, Cohn within such a structure performed his duties along with Jon Winkelried until the latter left the company in 2009. 

Schwartz, who came to Goldman Sachs in 1997 and for three years held the position of CFO, is known as a cautious and capable risk manager. Schwartz, like Cohn, has been working on the trading floor of the bank. 

Solomon, in turn, has long worked in investment bank Bear Stearns before moving to Goldman in 1999. He quickly rose through the ranks, which is rare for the banking industry, where staff advancement is slow. Shortly after Blankfein became the bank’s director, Solomon was appointed to the current position, where he helps manage banking mergers and investment business.

source: wsj.com