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Goldman Sachs succession now one-horse race following senior exit

Goldman Sachs succession now one-horse race following senior exit

Harvey Schwartz, co-president and co-chief operating officer of Goldman Sachs Group, is retiring from the Wall Street bank next month.

The bank announced that Harvey Schwartz, the firm's president and co-chief operating officer, has made a decision to retire effective April 20.

Mr Solomon will now continue in the role alone, suggesting that he is a clear frontrunner to replace Mr Blankfein, who is approaching the end of his tenure. Schwartz and Solomon have been viewed as potential successors to CEO Lloyd Blankfein since Goldman named them co-presidents and co-COOs in December 2016.

Before taking the co-COO role, Solomon had been a cohead of investment banking in NY for a decade. But you could be forgiven for thinking otherwise, given the feverish palace intrigue surrounding the bank's selection of an heir apparent to succeed longtime CEO Lloyd Blankfein.

Harvey Schwartz's resignation comes after 20 years with Goldman Sachs.

Goldman Sachs, humbled by the financial crisis, is no longer the undisputed king of Wall Street.

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Prior to Goldman, Solomon spent almost nine years at Bear Stearns.

Mayo predicted that the CEO transition would happen next year, during Goldman Sachs' 150th anniversary as a firm, when he said the firm should be better positioned for Blankfein to exit on top.

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

"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", said Blankfein.

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. 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.