December 14, 2016 / 3:24 AM / a year ago

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

(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.

A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermid

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.

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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