Goldman Names David Solomon Sole President, Next In Line To Replace Blankfein

So much for that Lloyd Blankfein tweet...


In an announcement that effectively confirms the Wall Street Journal story from last week, Goldman Sachs named David Solomon, currently a co-president of the investment bank, as next in line to replace CEO Lloyd Blankfein.

He will also take over sole responsibility as the bank's president. His former co-president and Goldman's CFO, Harvey Schwartz who last September unveiled the bank’s plan to boost revenue by $5 billion in three years, will retire.


The WSJ reported on Friday that Goldman Sachs CEO Lloyd Blankfein was preparing to step down as Goldman Sachs chief executive as soon as the end of the year, ending his 12-year-plus run at the helm of the world's most influential investment bank, which, under his leadership, earned the affectionate sobriquet "the Vampire Squid".

Goldman shares initially kneejerked lower on the news, before turning higher, helping to carry the Dow higher.

Blankfein said during a television interview last year that he wanted to leave Goldman "stronger than it was when I found it," though he did initially appear hostile to the idea, as we pointed out above.

As Bloomberg notes, Solomon and Schwartz have been directly competing for a shot at the top job since being promoted to co-presidents in late 2016, after Gary Cohn left to join Donald Trump’s administration.

Solomon, 56, a former investment banker, has been boosted by the strength in that business, where Goldman Sachs posted record revenue in 2017. The firm’s fixed-income trading business, which produced Schwartz, is coming off its worst year in more than a decade.

Solomon is set to become the world's most important banker after rising through the financing business since joining as a partner from Bear Stearns and ran the firm’s top-ranked investment-banking business for a decade. He has also taken on a leading role in the firm’s diversity push and initiatives to improve working conditions for young bankers. The part-time disc jockey, who attended Hamilton College, is also a wine collector and an avid skier.


Dickweed Wang tmosley Mon, 03/12/2018 - 10:41 Permalink

90% of the members of the 1% are Jewish.


It just proves how effective their propaganda campaign since WWII is when a group that makes up around 2% of the overall population in the US and EU can control major parts of our society like the banking and financial system, education and the entertainment industry and no one seems to have a problem with that.  If it was any other group that controlled that much of western society, such as the Chinese, Russians or Muslims people would be screaming to high heaven about it.  It's time to break the bonds of our Jewish overlords . . . . 

In reply to by tmosley

Harry Lightning Pure Evil Mon, 03/12/2018 - 10:39 Permalink

Well they did have Corzine and Paulson running the place at various times, and they were not Jewish. But in the most recent past, the bagel boys (Schwartz and Cohn and Blankfein and Solomon) seem to be in control. 

Religion probably plays no part in their decisions at Goldman, they do what is best for their pockets regardless of beliefs. I never had much respect for them and never did much business with them, because their prices were not competitive compared with other firms. I used to do a lot of business with Lehman, another firm considered to be run by Jewish guys, but they were always fair and competitive. 

In reply to by Pure Evil

Snaffew Mon, 03/12/2018 - 09:23 Permalink

what was wrong with Stephen Goldstein or Marty Friedman....who could forget Stan Epstein and Ed Rosenthal.  Goldman had choices...just not anyone, anyhow, or plain old ever without a full on 100 percent all jew cast.  How come the equal opportunity employer never pertains to anyone in the banking, financial, movie or media sector?