Goldman names Solomon, Schwartz as Cohn's successors

[BENGALURU] Goldman Sachs Group Inc on Wednesday named company veterans David Solomon and Harvey Schwartz presidents and co-chief operating officers to succeed Gary Cohn, who is set to head the White House National Economic Council.

The Wall Street investment bank said Chief Information Officer R Martin (Marty) Chavez would replace Mr Schwartz, who was the company's chief financial officer. Mr Schwartz will remain CFO through the end of April 2017.

Mr Solomon, a Bear Stearns veteran who joined Goldman in 1999, co-heads Goldman's investment banking division.

Mr Cohn was widely considered Chief Executive Officer Lloyd Blankfein's heir apparent.

With the split of the role, Goldman has returned to a co-president, co-chief operating officer structure. Mr Cohn had earlier served alongside Jon Winkelried in this arrangement, until Mr Winkelried's departure from the firm in 2009.

REUTERS