Goldman Sachs shares are trading higher in the US Monday, as the global banking group announced its President and Co-COO will retire from his role in April this year. The move means the bank’s current other Co-COO, David M. Solomon, will take on the role as sole COO.
By 1415 BST, Goldman Sachs shares were 1.41% higher at $274.58. The stock has been volatile in recent months – in line with the markets – but has made gains on a year-to-date basis.
Succession details in place
The global investment bank announced earlier Monday that President and Co-COO Harvey Schwartz will step down on April 20th. And, that once Schwartz retires, Solomon will become the company’s sole President and COO.
“Over his 20-year career at Goldman Sachs, Harvey has held leadership roles across a broad range of the firm’s operations – from Securities and Investment Banking to the Executive Office, where he served as Chief Financial Officer; and most recently, as President and Co-Chief Operating Officer,” Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs.
“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,” Blankfein said.
On Solomon’s upcoming role, Blankfein said: “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.”
Goldman CEO to retire?
The announcement follows a Wall Street Journal report last week that the financial services firm’s CEO, Blankfein was also preparing to exit the company. It’s thought that Goldman Sachs has no plans to look beyond the existing leadership team for the next company CEO.
Schwartz and Solomon both took up level positions in the company – Co-COO – in the wake of Gary Cohn’s departure to work for US President Donald Trump.