Goldman Names David Solomon Sole President, Next In Line To Be CEO

So much for that Lloyd Blankfein tweet…

 

 

In an announcement that effectively confirms a 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 Harvey Schwartz will retire.

Goldman

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.