Goldman Sachs Appears to Have New CEO
A report coming out of Goldman Sachs earlier Monday morning said that Harvey Schwartz would be leaving Goldman. What is significant about this is the fact that Schwartz was in direct competition with David Solomon to become the next CEO. Therefore, all signs point to David Solomon becoming the next CEO of Goldman Sachs.
Solomon rose in the ranks in Goldman in the 2000's in the Investment Banking division when revenue was up 70%.
Harvey Schwartz on the other hand came up through Goldman's trading division, much like current CEO, Lloyd Blankfein.
It is unclear at this point what is in the future for Mr. Schwartz, but I would suspect he is going to be moving to some other upper tier executive position somewhere else on Wall Street.
So with this move, is the power pendulum at Goldman swinging back from traders to bankers? Also, it will be interesting to see how Solomon leads Goldman going forward since they are trying to expand into new areas.
Let’s go Hamilton lol
Now it seems that GS will go back to its IBD roots. Also, to affirm that you dont need an MBA to climb the ranks in IB with an example being David Solomon (case-by-case basis of course).
I was just thinking about the power pendulum swing myself....if you look at the background of all of the BB CEO's
Blankfein (Goldman)......Commodities Sales Dimon (JPM)......Consumer Finance Gorman (MS).....Wealth Management Thiam (CS).....Consulting Moynihan (BAML).....Wealth Management Corbat (Citi)....Bond Sales Staley (Barclays).....LATAM Equity Capital Markets Cryan (DB).....FIG Banker Ermotti (UBS)......Derivatives Trading
I'm kind of astonished at the lack of representation of traditional investment bankers in management roles. Did all the good banker-managers start PE funds?
Is it Jamie Dimon? I bet it's Jamie Dimon . . .
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