Goldman Sachs president Schwartz to retire

A source close to the situation told AFP there was no firm timetable to longtime Goldman Sachs chief executive Lloyd Blankfein's departure

However, Goldman Sachs has not commented on that report and its statement on Monday made no mention of Blankfein's plans. He and Solomon were named co-COO 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 U.S. investment bank.

Goldman Sachs president Harvey Schwartz is to retire in April, paving the way for David Solomon, his rival for the top spot, to succeed Lloyd Blankfein at the helm of the Wall Street bank.

Harvey Schwartz, one of the bank's two presidents and chief operating officers, is retiring next month, the bank announced Monday.

Mayo predicted that the CEO transition would happen next year, during Goldman Sachs' 150th anniversary as a firm, when he said the firm should be better positioned for Blankfein to exit on top.

In the bank's statement, Blankfein thanked Schwartz for his work at the firm.

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Analysts viewed Schwartz's retirement as a positive for the bank because it clarified the succession planning and appeared to remove the possibility of the bank having co-CEOs.

Lately, there's been a great deal of speculation about who might take Blankfein's place. The Wall Street Journal reported that the announcement signaled that Solomon would lead the bank after Blankfein's departure.

Blankfein himself made a cryptic reference to the news on Twitter, saying it's "WSJ's announcement.not mine".

The CEO and chairman, who has run the firm since 2006, always indicated that he would stay for at least a couple of years after the December 2016 reshuffle. In the aftermath of the financial crisis, the famously high-risk, high-return trading house is now redirecting resources into consumer banking and low-fee index funds. Before his current role, he co-headed the investment banking division and served as the global head of the financing group.

David Solomon may be taking over as the CEO of Goldman Sachs sooner than expected. Before that, he did stints at Salomon Brothers and Drexel Burnham Lambert.

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