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Goldman Sachs picks Lloyd Blankfein's new right-hand men
(The Goldman Sachs logo is displayed on a post above the floor of the New York Stock Exchange, September 11, 2013. REUTERS/Lucas Jackson)
Goldman Sachs named David Solomon and Harvey Schwartz the new co-Chief Operating Officers for the bank, replacing long-time COO Gary Cohn, according to an announcement on Wednesday.
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.
The COO role has traditionally been second-in-command at the bank after Goldman CEO Lloyd Blankfein.
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 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.
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