MortgagePeople Movers

Goldman Sachs President Harvey Schwartz retiring, sets stage for Blankfein succession

David Solomon will serve as sole president and chief operating officer

Last week, reports emerged that Goldman Sachs CEO Lloyd Blankfein could be stepping down within the next year, with the company supposedly looking to one of its two co-presidents, Harvey Schwartz and David Solomon, as Blankfein’s successor.

After the Wall Street Journal reported on Blankfein’s planned departure, Blankfein took to Twitter to refute the report. And now, it appears that Schwartz will not be taking over at Goldman Sachs, regardless of when Blankfein plans to leave.

That’s because Goldman Sachs announced Monday that Schwartz plans to retire next month.

According to Goldman Sachs, Schwartz, who currently serves as the company’s president and co-chief operating officer will retire on April 20, 2018.

“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,” Blankfein said in a statement.

“Harvey’s work ethic, command of complexity, and client focus have defined his career at the firm,” Blankfein continued. “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.”

As Blankfein said, Schwartz worked his way through the ranks at Goldman Sachs since joining the company as a vice president in 1997.

Schwartz became president and COO alongside Solomon in January 2017 after Gary Cohn left the company to join the Trump administration as White House National Economic Council director.

Cohn previously served as the second-in-command at Goldman Sachs, and he was long considered to be Blankfein’s heir apparent.

Prior to taking over as president and COO, Schwartz served four years as Goldman Sachs’ chief financial officer.

Prior to becoming CFO, Schwartz served as the global co-head of the company’s securities division from 2008 to 2013.

From 2007 to 2008, Schwartz was the company’s global head of securities division sales. Earlier in his GS career, Schwartz led North American sales, worked within the company’ investment banking division and co-headed the Americas financing group.

Schwartz was named managing director in 1999 and partner in 2002.

Upon Schwartz’s departure, Solomon will take over as the company’s sole president and chief operating officer, seemingly positioning him to ascend to CEO whenever Blankfein leaves the company.

“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,” Blankfein concluded.

Most Popular Articles

Here are the mortgage lenders that borrowers like the most

J.D. Power’s 2019 U.S. Primary Mortgage Origination Satisfaction Study, released Thursday morning, showed that there are some lenders that customers seem to love working with more than others. Here are the ones that borrowers are partial to.

Nov 14, 2019 By

Latest Articles

Congressional vote on “de facto QM Patch” postponed

The House Financial Services Committee postponed a vote on H.R. 2445 on Wednesday, a bill that would fix the so-called QM Patch that’s set to expire in early 2021.

Nov 15, 2019 By