Goldman Names David Solomon as Next in Line to Replace CEO Blankfein

Goldman Sachs Group Inc. said David Solomon will become sole president of the company, elevating him over Harvey Schwartz as the eventual successor to Chief Executive Officer Lloyd Blankfein.  Schwartz will leave the bank on April 20, and Solomon will serve as the sole president and chief operating officer, the New York-based bank said in a statement Monday. The firm’s board discussed the idea of choosing a single COO under Blankfein at a meeting in February and settled on Solomon, according to a person with knowledge of their discussions.  Solomon, 56, a former investment banker, has been boosted by the strength in that business, where Goldman Sachs posted record revenue in 2017. 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. He has also taken on a leading role in the firm’s diversity push and initiatives to improve working conditions for young bankers.