With Goldman Sachs No. 2 Gary Cohn headed to the White House, where he will serve as Donald Trump’s chief economic advisor, the Wall Street bank is going back to the drawing board to determine who will succeed longtime CEO Lloyd Blankfein, 62.
In classic trader style, Blankfein is hedging his bets (and signaling his intention to stay in the CEO post for at least a couple more years). Yesterday he promoted CFO Harvey Schwartz and co-head of investment banking David Solomon, who will become co-COOs in Cohn’s place, the Wall Street Journal reported. Blankfein also promoted CTO Martin Chavez, naming him as Schwartz’s replacement—a nod, perhaps, to the firm’s growing emphasis on technology-based revenue streams.
All three executives were present at Goldman during the dark days of the financial crisis, with Schwartz and Solomon more directly involved in steering the bank to safety.