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Surprising resignation of one of the top managers in Goldman Sachs

Harvey Schwartz

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President and Chief Operating Officer of Goldman Sachs, Harvey Schwartz, retired from the Goldman Sachs Group, leaving his colleague David Solomon the only president and Chief Operating Officer and main favorite for successor of Lloyd Blankfein.
The bank did not announce why Harvey Schwartz retired. He was considered one of the two contenders together with Co-President Solomon for the highest position in the largest US investment bank.
“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 in a statement. “Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs. I want to thank Harvey for all he’s done for the firm”, added he.
The 53-year-old Harvey Schwartz took the office in January 2017. He will retire on April 20th. After the news, Goldman’s shares rose by almost 1.4%.
Lloyd Blankfein is expected to retire later this year.
In early 2017, Schwartz became Chief Operating Officer along with 56-year-old Solomon after Gary Cohn left Goldman to become Chief Economic Adviser of the US President Donald Trump.
Schwartz has been in charge of trade for years before being appointed Chief Financial Officer in 2012.
He outlined the goal of raising the bank’s revenue by 5 billion USD per year in September, after investors pushed the bank to be more transparent in terms of strategic prospects.