Goldman Sachs (NYSE: GS) announced Harvey Schwartz’s plans to step down in April, paving the way for a new candidate to succeed Lloyd Blankfein as chief executive.
Harvey Schwartz and David Solomon were both seen as likely successors of Blankfein, who was reported last week to retire as soon as year-end. With Schwartz’s plans to step down, Solomon will most likely take charge of the group, becoming the new CEO.
Solomon became part of the Goldman Sachs team as a partner in 1999 and ran its investment banking arm from 2006 through till 2016.
Solomon remains a popular figure within the banking group, known for his efforts to lighten the workload for junior bankers as well as efforts to recruit and promote more women. He was also known to give zero bonuses to the bottom five percent of his bankers.
Outside of the office, Solomon is known as DJ D-Sol, working frequently at nightclubs.
“He’s client-centric, direct and candid,” Bennett Goodman, a senior managing director of the private-equity firm Blackstone. “You never doubt he’ll tell you what he really believes even when it’s not what you want to hear.”
Following his plans to step down, Schwartz said inhis final management committee meeting on Monday: “It’s been an incredible 21 years. I’ve gotten more out of the firm than I put in. It’s been an honor.”
Speaking of Schwartz, current CEO Blankfein said: “Harvey’s work ethic, command of complexity, and client focus have defined his career at the firm. Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs.”
“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,” he added.