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David Solomon becomes favourite to be next Goldman Sachs boss

David Solomon becomes favourite to be next Goldman Sachs boss

Solomon rose through the financing business after joining as a partner from Bear Stearns Cos. and ran the firm's top-ranked investment-banking business for a decade. That leaves David Solomon, who shares the titles of president and chief operating officer with Schwartz, as the sole contender to replace Blankfein when he steps down as early as this year.

Goldman Sachs Group Inc. said David Solomon will become sole president of the company, elevating him over Harvey Schwartz as the eventual successor to chief executive officer (CEO) Lloyd Blankfein.

The Federal Reserve is gradually raising interest rates to keep inflation in check, and it expects to boost rates at least three times this year. With the formal announcement of the move on Monday, Solomon's chief rival for the job, Harvey Schwartz, abruptly announced his resignation.

Last week, the Wall Street Journal reported that Blankfein could retire as soon as the end of the year. What's more, Blankfein and JPMorgan's Jamie Dimon are the only two remaining big bank CEOs from the 2008 financial crisis.

Setting up an investment banker to lead the firm would better align leadership with the bank's focus and highlights the waning influence of the trading business, Wells Fargo analyst Mike Mayo said.

For his part, Solomon, who was been with Goldman since 1999, served 10 years as co-head of the investment banking division before ascending to his current position.

The announcement also came less than a week after Blankfein's prior deputy, former Goldman Sachs president Gary Cohn, quit his post as President Trump's top economic adviser. He serves on the board of The Robin Hood Foundation, a nonprofit for fighting poverty in New York City.

He also had a less-than-typical career path - he skipped the Ivy League and studied political science at Hamilton College in upstate NY. The part-time disc jockey, who attended Hamilton College, is also a wine collector and an avid skier.

He likes to DJ under the name "DJ D-Sol" in his spare time, spinning electronic dance music at clubs in New York, Miami, and the Bahamas. Solomon also led a study about improving the quality of life for Goldman's junior bankers, resulting in new limits on weekend working hours, the report said.

There was no specific reason in the Goldman announcement about why Schwartz made a decision to retire.

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