Mr. Schwartz, 54, will leave the firm on April 20, and Mr. Solomon will serve as the sole president and chief operating officer, the company said in a statement Monday. That leaves David Solomon as Goldman's lone president and chief operating officer; the two men had shared the roles since January 2017.
Goldman Sachs Group (GS ) announced Monday morning that its President and Co-Chief Operating Officer, Harvey Schwartz, has chose to retire effective April 20, 2018.
Solomon, 55, joined Goldman Sachs in 1999 as a partner, one of the most coveted roles on Wall Street and a clear sign of his seniority at the time.
Vertical Group analyst Dick Bove, who sharply criticized Blankfein's leadership of Goldman, said selecting Solomon would position the bank for new opportunities amid changing U.S. policies on taxes, trade and potentially fiscal stimulus.
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. He and Solomon were named co-COO in December 2016 in a setup that appeared to pit the two against each other to eventually lead what is viewed as the most powerful U.S. investment bank.
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"The future of Goldman Sachs is going to be on the advisory side of investment banking, customer services, new market opportunities like retail banking and taking their capital and making principal investments or loans", said Ken Leon, an analyst at CFRA Research.
Harvey Schwartz's resignation comes after 20 years with Goldman Sachs.
Prior to Goldman, Solomon spent almost nine years at Bear Stearns. What's more, Blankfein and JPMorgan's Jamie Dimon are the only two remaining big bank CEOs from the 2008 financial crisis.
"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. He later took over the bank's investment banking division, where profits doubled and revenue rose 70% during his tenure.