BREAKING NEWS

Goldman Sachs expected to name Solomon, Schwartz as Cohn successors

By REUTERS

DECEMBER 14, 2016 05:40

Goldman Sachs Group Inc 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 US 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.

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