REPORT: Goldman Sachs to name David Solomon next CEO as early as Monday

Crains New YorkGoldman Sachs’ reported CEO-in-waiting, David Solomon.
  • Goldman Sachs is believed to be close to formally announcing David Solomon as the bank’s next CEO.
  • Solomon has apparently been heir to the incumbent, Lloyd Blankfein, for several months.
  • Solomon’s appointment as CEO could be announced as early as Monday, The New York Times reported over the weekend.

Goldman Sachs will formally name David Solomon as the bank’s next CEO this week, The New York Times reported over the weekend, finally confirming an appointment that has been expected for several months.

Solomon, the bank’s president, is expected to replace Lloyd Blankfein, the outgoing boss who is expected to retire later in the year.

Blankfein has been CEO for 12 years, though he stepped back from the firm briefly during late 2015 and early 2016 after receiving a cancer diagnosis.

The announcement of Solomon’s appointment as CEO could be made as early as Monday, The Times reported.

Goldman Sachs declined to comment.

Solomon has been pretty much the only candidate believed to be in line for the job since Harvey Schwartz, Goldman’s former joint president and chief financial officer, retired abruptly earlier in the year.

Business Insider’s Dakin Campbell reported in May that Schwartz’s retirement came after he realised it was almost certain Solomon would beat him to the CEO position.

Solomon, a native New Yorker and Goldman veteran of more than two decades, rose through the investment-banking business with a reputation for being Goldman’s point man on many key client relationships, including those with 3M, Disney’s Bob Iger, and the casino mogul Sheldon Adelson.

Solomon is known for pushing his investment bankers hard in the service of clients.

He is also known for his unorthodox hobby: production of electronic dance music. Solomon, known as DJ D-Sol, recently released his first track, a dance remix of Fleetwood Mac’s 1977 hit “Don’t Stop.”

It has been reported that Solomon’s moonlighting as a DJ has even helped Goldman secure business. The tech site Recode reported that ahead of the Swedish streaming giant Spotify’s public listing, Solomon made “a personal plea” in the bank’s pitch to the Spotify that mentioned his side project.

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