Harvey Schwartz is leaving The Goldman Sachs Group to retire from his role as president and co-COO, effective April 20.
Following Schwartz’s retirement, David Solomon will serve as sole president and COO of the firm.
The announcement follows a report by The Wall Street Journal that Goldman Chairman and CEO Lloyd Blankfein will be stepping down from his role as soon as the end of 2018. The publication said that according to people familiar with the matter, Schwartz and Solomon were the leading candidates to replace Blankfein.
Now that Goldman has announced Schwartz’ departure, Solomon has become the apparent successor to the CEO post. The Wall Street Journal said the move signaled that the firm is expanding beyond its trading activities.
Schwartz has served in his current role since January 2017. Prior to that, he served for four years as CFO.
“Over his 20-year career at Goldman Sachs, Harvey has held leadership roles across a broad range of the firm’s operations – from securities and investment banking to the executive office, where he served as CFO; and most recently, as president and co-COO. Harvey’s work ethic, command of complexity, and client focus have defined his career at the firm,” Blankfein said. “Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs. I want to thank Harvey for all he’s done for the firm.”
“I look forward to continuing to work closely with David in building our franchise around the world, serving our expanding client base, and delivering strong returns for our shareholders,” Blankfein added.