The contest to succeed Goldman Sachs CEO Lloyd Blankfein is over

The contest to succeed Goldman Sachs CEO Lloyd Blankfein is over

Goldman Sachs Group (GS ) announced Monday morning that its President and Co-Chief Operating Officer, Harvey Schwartz, has chose to retire effective April 20, 2018.

Goldman Sachs Group Inc said on Monday that Harvey Schwartz, the bank's President and co-Chief Operating Officer, will retire on April 20.

The question of Blankfein's successor has been a topic of debate across the financial industry since Friday, when the Wall Street Journal reported that the CEO would step down as early as the end of this year.

Solomon, prior to being tapped co-president in December 2016, worked for a decade as co-head of investment banking.

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Solomon has also tended to be more of a public face for Goldman Sachs than Schwartz has.

Goldman made no mention of Blankfein's future plans in its announcement.

Blankfein said: "Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs. The need for investment banking and lending from large financial institutions will grow", Bove said.

Solomon, 55, joined Goldman Sachs in 1999 as a partner, one of the most coveted roles on Wall Street and a clear sign of his seniority at the time.

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"I look forward to continuing to work closely with David in building our franchise around the world, serving our expanding client base and delivering strong returns for our shareholders, "Blankfein said in the statement".

File picture shows David M. Solomon of Goldman Sachs speaking during the Milken Institute Global Conference in Beverly Hills, May 2017.

Cohn's departure from the bank came as Blankfein was on his way to his 11th year as CEO. Today, Goldman's share price is up 0.7% as of this writing. The "move to expand beyond trading could get a subtle boost under Mr. Solomon given his diverse background (i.e. not another trader)". He has also taken on a leading role in the firm's diversity push and initiatives to improve working conditions for young bankers.

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