Goldman Sachs expected to name a new CEO
Goldman Sachs is expected to name David Solomon as its CEO as early as this week, according to multiple reports. The move, which had been not been expected to formally take place until the fall, would be the latest in the gradual exit of the investment bank’s longtime leader Lloyd Blankfein.
Blankfein, 63, will stay on for an interim period, the New York Times reported, citing people briefed on the matter, who said the announcement could come as soon as Monday.
The news will be disclosed to all the company’s managing directors in a conference call Tuesday morning, sources, who declined to be identified speaking about management’s plans, told CNBC.
The appointment, which should allow Solomon to fill his own executive bench, would mark a considerable change at Goldman, with an investment banker taking the helm after a dozen years under a former trader. As trading revenues have declined across Wall Street, Goldman in recent years has been relying more on investment banking and asset management for its growth prospects and has even delved into consumer lending.
Solomon, 56, was named sole president at Goldman when co-president Harvey Schwartz left in March. Schwartz was viewed as Solomon’s main rival for the top job.
For years a manager at Bear Stearns, the longtime investment banker joined Goldman as a partner in 1999 and was named co-head of its investment bank in 2006. He held the position for a decade before being named co-president of Goldman in 2016.
With Blankfein in charge, Goldman became a profit powerhouse, with the onetime commodities salesman steering the company through the worst financial crisis in 80 years.
Goldman (GS) is scheduled to release its second-quarter earnings on Tuesday.
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