Surprising resignation of one of the top managers in Goldman Sachs

John Cryan Deutsche Bank

John Cryan Deutsche Bank

Schwartz and Solomon were named co-COOs in December 2016 in a setup that appeared to pit the two against each other to eventually lead what is viewed as the most powerful US investment bank.

Goldman Sachs said Monday that Harvey Schwartz, its co-chief operating officer, will retire next month, clearing the way for David Solomon to eventually become the next chief executive of the Wall Street firm.

Last Friday, the Wall Street Journal reported that Blankfein would be stepping down "as soon as year's end". Goldman did not comment. He had been co-head of the bank's trading division before being promoted to chief financial officer in 2013, while Solomon, 56, had been a co-head of investment banking at Goldman since 2006 until becoming co-COO.

Analysts viewed Schwartz's retirement as a positive, because it clarifies the succession. With Schwartz retiring effective April 20, that would leave only Solomon.

He outlined the goal of raising the bank's revenue by 5 billion Dollars per year in September, after investors pushed the bank to be more transparent in terms of strategic prospects.

"This will be the first time in over a decade that a banker will be heading Goldman instead of a trader", he said.

The bank typically maps out its succession planning by naming two or three candidates to top roles. Last week, Cohn announced his resignation from the White House. After the news, Goldman's shares rose by nearly 1.4%.

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