One of Lloyd Blankfein's heir apparents just unexpectedly retired

One of Lloyd Blankfein's heir apparents just unexpectedly retired

The Wall Street Journal reported last week that Blankfein is considering retiring at the end of this year, and named both Schwartz, 54, and Solomon, 56, as the only two candidates being considered to replace him.

Solomon will become sole president and chief operating officer of Goldman Sachs as of April 20, the company said Monday.

Solomon rose through the financing business after joining as a partner from Bear Stearns Cos. and ran the firm's top-ranked investment-banking business for a decade.

Schwartz's retirement paves the way for veteran executive David Solomon to take over for Blankfein when the longtime CEO eventually steps down from Goldman Sachs.

"It was becoming a little too much like Washington, D.C., rather than Wall Street in how this contest was playing out, with one contender a black belt in karate and the other a D.J.in the Caribbean", said Mike Mayo, an analyst at Wells Fargo who has a buy rating on Goldman's shares, referring to Solomon's hobby of spinning music under the name D.J.

The NBA's Top Pick Has Been Traded
Others think that he’ll continue to use the picks himself and construct a young core that can emerge after the Cavaliers vs. Fultz is an ideal scoring guard to run alongside him, and can also take over point guard duties if the Simmons experiment fails.

Schwartz's departure leaves Solomon - who has gained notoriety in recent years for moonlighting as a DJ at nightclubs in NY and Miami - as the apparent successor to Blankfein.

Lloyd Blankfein was about to bet the future of Goldman Sachs.

Regarding Solomon, he said "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".

Solomon has also tended to be more of a public face for Goldman Sachs than Schwartz has.

In September, Schwartz had outlined a target to grow revenue by US$5 billion a year, after investors pressured the bank to be more transparent about its strategy outlook after two quarters of weak trading results. The "move to expand beyond trading could get a subtle boost under Mr. Solomon given his diverse background (i.e. not another trader)". Solomon also led a study about improving the quality of life for Goldman's junior bankers, resulting in new limits on weekend working hours, the report said.

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