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Goldman Sachs expected to name Solomon, Schwartz as Cohn successors: WSJ
December 14, 2016 / 3:24 AM / 10 months ago

Goldman Sachs expected to name Solomon, Schwartz as Cohn successors: WSJ

Dr. Martin Chavez of Goldman Sachs Gives speaks at the annual American Foundation for AIDS Research (amfAR) New York Gala at Cipriani's on Wall Street in New York, U.S. on February 8, 2012. REUTERS/Andrew Burton/File Photo

(Reuters) - Goldman Sachs Group Inc (GS.N) is expected to elevate David Solomon and Harvey Schwartz to be top lieutenants to Chief Executive Lloyd Blankfein, according to a Wall Street Journal report on Tuesday citing people familiar with the matter.

The hire, expected to be announced as early as Wednesday, comes after U.S. President-elect Donald Trump said he would appoint Goldman Sachs President and Chief Operating Officer Gary Cohn to head the White House National Economic Council, a group that coordinates economic policy across agencies.

Reuters earlier reported that Cohn’s role as Goldman’s president was likely to be split. Chief Financial Officer Harvey Schwartz and investment banking co-head David Solomon were likely candidates, according to people familiar with the matter.

Such a move could return Goldman to a co-president, co-chief operating officer structure. Cohn had earlier served alongside Jon Winkelried in this arrangement, until Winkelried’s departure from the firm in 2009.

The Wall Street investment bank is also likely to name technology chief R. Martin Chavez as CFO, Schwartz's current job, the Journal said. Solomon co-heads Goldman's investment-banking division. on.wsj.com/2gJhyQs

Schwartz, who joined Goldman in 1997 and has been CFO for three years, is known as a capable and cautious risk-manager. Like Cohn, he is a veteran of the company’s trading floor.

Solomon, meanwhile, is a Bear Stearns veteran who joined Goldman in 1999. He climbed the management ladder quickly, a rarity at a bank that typically promotes employees at a slow pace. Soon after Blankfein became CEO, Solomon assumed his current role, where he helps to run Goldman’s mergers and capital-raising businesses.

Goldman Sachs spokesman Michael DuVally declined to comment on the expected appointments.

Reporting by Aurindom Mukherjee in Bengaluru; Editing by Sunil Nair

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