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Goldman CEO Blankfein says report of stepping-down not from him

12 March 2018

Goldman Sachs president Harvey Schwartz is to retire in April, paving the way for David Solomon, his rival for the top spot, to succeed Lloyd Blankfein at the helm of the Wall Street bank.

The chief executive of Goldman Sachs has said reading a report forecasting his imminent retirement plans was like hearing his own eulogy - indicating the bank's boss is staying put for the near future.

Schwartz and Solomon were not quoted in the announcement.

Schwartz spent 20 years at Goldman, working in a number of operations including running the firm's trading arm, and a four-year stint as chief financial officer. He was seen as a possible successor for Goldman's current chairman and CEO, Lloyd Blankfein. Solomon and Schwartz, the bank's co-chief operating officers, were in an internal competition for the top job.

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Blankfein himself made a cryptic reference to the news on Twitter, saying it's "WSJ's announcement...not mine".

By contrast, Solomon has an investment banking background.

Blankfein, 63, one of the longest-serving CEOs on Wall Street, has led what is viewed as the most powerful US investment bank for almost 12 years.

"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 said in a statement.

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

Solomon doesn't sound like your typical bank CEO. Solomon, 56, a former investment banker, has been boosted by the strength in that business, where Goldman Sachs posted record revenue in 2017.

Outside work, Solomon is known as DJ D-Sol, spinning dance music at nightclubs, according to the New York Times.

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Goldman CEO Blankfein says report of stepping-down not from him