Markets

Goldman Sachs president Schwartz to retire

Goldman Sachs president Schwartz to retire

The Wall Street Journal had reported yesterday that Blankfein is gearing up to stand down from the helm "as soon as the end of the year" after more than 12 years steering the firm.

The investment bank intends to replace Blankfein, 63, with one of its two co-presidents, David Solomon or Harvey Schwartz, the newspaper said Friday, citing people familiar with the matter that it didn't name.

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 Chief Financial Officer; and most recently, as President and Co-Chief Operating Officer.

Goldman Sachs CEO Lloyd Blankfein grew up in public housing in the East New York section of Brooklyn. Wall Street'sgotten obsessed with how Amazon could upend everything.

However, Goldman Sachs has not commented on that report and its statement on Monday made no mention of Blankfein's plans.

But on Twitter, Blankfein branded the report the Wall Street Journal's announcement "not mine".

Manchester United want Umtiti
Reports in Sport claim that Manchester United are ready to trigger the release clause of Barcelona defender Samuel Umtiti .

Schwartz and Solomon were not quoted in the announcement.

Schwartz, 54, was the firm's chief financial officer after helping to run its trading business.

File picture shows David M. Solomon of Goldman Sachs speaking during the Milken Institute Global Conference in Beverly Hills, May 2017. Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs. He co-led the powerful investment banking division for a decade before he was promoted at the end of 2016.

The bank typically maps out its succession planning by naming two or three candidates to top roles.

In other news, there's been a big shakeup at the top of Citigroup's stock trading business.


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