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Goldman Sachs president Schwartz to retire in April

Goldman Sachs president Schwartz to retire in April

Goldman announced Monday that one of the firm's two co-COO's, Harvey Schwartz, will retire, leaving David Solomon as the only COO and president at Goldman for the time being.

Solomon and Schwartz were named co-chief operating officers and presidents in December 2016, following the departure of then-COO Gary Cohn to the Trump administration. With the formal announcement of the move on Monday, Solomon's chief rival for the job, Harvey Schwartz, abruptly announced his resignation.

"Harvey's work ethic, command of complexity, and client focus have defined his career at the firm", Blankfein said in the statement.

Schwartz came up through Goldman's trading business, where he played a central role during the 2008 financial crisis. Schwartz is serving as the President and co-COO alongside Solomon.

Goldman made no mention of Blankfein's future plans in its announcement.

Long seen as the undisputed king of Wall Street, Goldman Sachs has come under greater scrutiny over the previous year or two as returns of its once-formidable trading divisions have languished and as rival Morgan Stanley has won plaudits for its asset management services. The firm's board discussed the idea of choosing a single COO under Blankfein at a meeting in February and settled on Solomon, according to a person with knowledge of their discussions.

That solidifies Solomon as the No. 2 behind Chairman and CEO Lloyd Blankfein, who could step down as soon as the end of the year, The Wall Street Journal reported Friday, citing sources familiar with the situation.

Solomon has several pursuits outside of the Wall Street bank. Today, Goldman's share price is up 0.7% as of this writing.

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.

Solomon has also taken on a leading role in the firm's diversity push, including presenting ideas to the board last June.