Schwartz is currently CFO of the company and will stay in that role until the end of April 2017, when he will be replaced by Martin Chavez, who is currently the Chief Information Officer.
Solomon is currently co-head of the investment banking division.
Richard Gnodde and Pablo Salame were also appointed to Vice Chairmen of the bank.
“These five leaders have distinguished themselves in their respective areas of expertise and I look forward to working with them in formulating and executing our global strategy,” said Goldman CEO Lloyd Blankfein in the release. “They have consistently demonstrated their unwavering commitment to Goldman Sachs, our clients and our people.”
The move comes just two days after Cohn, the current COO and right-hand-man to Blankfein, accepted a position leading the National Economic Council for President-elect Donald Trump. Both Solomon and Schwartz were viewed as strong possibilities to replace Cohn.