Solomon has also tended to be more of a public face for Goldman Sachs than Schwartz has. He also gained a huge financial leg-up from Donald Trump's sweeping tax reform bill, because of his supplemental work at Goldman Sachs.
Blankfein traveled the week after the board meeting and didn't have a chance to discuss the decision with the two executives.
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 this year. In an interview during Fortune's Most Powerful Women conference last October, where host Pattie Sellers called Solomon the firm's "culture guy", he said the firm had made progress on gender diversity in the firm's ranks, "but we've still got a long way to go - a long, long way to go".
More than a year ago, Solomon and Schwartz were both elevated to the role of president and co-chief operating officer, setting off a competition for the role of CEO. Blankfein himself has yet to announce a retirement date.
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The former chief financial officer had been promoted to the role of president and chief operating officer in December, 2016, along with Mr Solomon, after Gary Cohn chose to join the Trump administration as the president's top economic advisor.
Before taking the co-COO role, Solomon had been a cohead of investment banking in NY for a decade.
Harvey Schwartz's resignation comes after 20 years with Goldman Sachs. The following year, according to the Journal, the firm's traders made $33 billion in 2009, the most profitable year on record for a Wall Street broker-dealer. And its belated attempts to muscle its way into businesses such as consumer lending have failed to transform the company into a real competitor of commercial banks like JPMorgan Chase and Citigroup. The business now ranks among the largest lenders to M&A buyers, and it reported record revenue past year.
Solomon, according to media reports, is described as an affable, strong manager who professionalized the firm's investment banking unit and is known for his efforts to improve the working hours of its young employees and promote diversity and inclusion at the firm.
Solomon has several pursuits outside of the Wall Street bank.
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