Goldman Sachs Clears the Way for a Succession Plan

Goldman Sachs Clears the Way for a Succession Plan

Goldman Sachs Clears the Way for a Succession Plan

Goldman Sachs said on Monday that Harvey M. Schwartz would retire from the financial services firm, clearing the way for his fellow president and co-chief operating officer, David M. Solomon, to become the company's next chief executive. 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 has also tended to be more of a public face for Goldman Sachs than Schwartz has.

The CEO and chairman, who has run the firm since 2006, always indicated that he would stay for at least a couple of years after the December 2016 reshuffle.

Solomon joined Goldman in 1999 as an outside partner, focusing on building out the company's high-yield debt business.

Picking Solomon is consistent with Goldman's growth plan outlined last fall in which it emphasized greater investment banking presence in the middle market, as well as stepped-up operations in asset management and newer ventures in online banking, said Wang.

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Outside of the office, he serves on the board of The Robin Hood Foundation, an organization dedicated to fighting poverty.

He studied political science at Hamilton College, and now serves as a trustee. The job is, in effect, now Solomon's to lose.

The Goldman executive has performed regularly as a disc jockey in New York, Miami and the Bahamas, the Times said, citing posts on his now-private Instagram account. He has also taken on a leading role in the firm's diversity push and initiatives to improve working conditions for young bankers.

As for wine, Solomon's private collection is so extensive that his former personal assistant was accused of stealing $1.2 million worth of wine from it, according to an indictment unsealed in January.

Seven of the stolen bottles came from the French estate Domaine de la Romanee-Conti, or DRC, which prosecutors say is considered among the best, most expensive and rarest wine in the world.

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