REPORT: Goldman Sachs to name David Solomon next CEO as early as Monday

  • Goldman Sachs set to formally announce that David Solomon will be the bank's next CEO.
  • Solomon has been apparently been heir to incumbent Lloyd Blankfein for several months.
  • The announcement of Solomon's appointment as CEO could be made as early as Monday, the New York Times reported.


Goldman Sachs will formally name David Solomon as the bank's next CEO this week, the New York Times reported over the weekend, finally confirming an appointment that has been expected for several months.

Solomon, who is currently the bank's president, will replace outgoing boss Lloyd Blankfein, who is expected to retire later in the year.

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UNITED STATES - APRIL 29: David Solomon, managing director and co-head of the investment banking division of Goldman, Sachs & Co., speaks during the Milken Institute Global Conference 2009 in Los Angeles, California, U.S., on Wednesday, April 29, 2009. This year's conference focused on the global financial downturn. (Photo by Jamie Rector/Bloomberg via Getty Images)
David Solomon, managing director and co-head of investment banking at Goldman Sachs Group Inc., speaks during the 2010 Milken Institute Global Conference in Los Angeles, California, U.S., on Wednesday, April 28, 2010. This year's conference is titled 'Shaping the Future.' Photographer: Jonathan Alcorn/Bloomberg via Getty Images
David Solomon, partner and co-head of Investment Banking at Goldman Sachs & Co., speaks during a Bloomberg Television interview at the annual Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, May 3, 2016. The conference gathers attendees to explore solutions to today's most pressing challenges in financial markets, industry sectors, health, government and education. Photographer: Patrick T. Fallon/Bloomberg via Getty Images
David Solomon, president and co-chief operating officer of Goldman Sachs & Co., poses for a photograph following a Bloomberg Television interview at the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 19, 2017. World leaders, influential executives, bankers and policy makers attend the 47th annual meeting of the World Economic Forum in Davos from Jan. 17 - 20. Photographer: Simon Dawson/Bloomberg via Getty Images
David Solomon, president and co-chief operating officer of Goldman Sachs & Co., speaks during a Bloomberg Television interview at the Goldman Sachs Technology and Internet Conference in San Francisco, California, U.S., on Wednesday, Feb. 15, 2017. Solomon discussed sentiment in Silicon Valley and financial regulation. Photographer: David Paul Morris/Bloomberg via Getty Images
David Solomon, president and co-chief operating officer of Goldman Sachs & Co., speaks during a Bloomberg Television interview at the Goldman Sachs Technology and Internet Conference in San Francisco, California, U.S., on Wednesday, Feb. 15, 2017. Solomon discussed sentiment in Silicon Valley and financial regulation. Photographer: David Paul Morris/Bloomberg via Getty Images
David Solomon, co-president and co-chief operating officer of Goldman Sachs & Co., speaks during a Bloomberg Television interview at the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, May 1, 2017. The conference is a unique setting that convenes individuals with the capital, power and influence to move the world forward meet face-to-face with those whose expertise and creativity are reinventing industry, philanthropy and media. Photographer: Patrick T. Fallon/Bloomberg via Getty Images
David Solomon, Managing Director and Co-Head of the Investment Banking Division, Goldman Sachs, participates in the Corporate Debt Financing and Economic Recovery panel at the 2010 Milken Institute Global Conference in Beverly Hills, California April 28, 2010. REUTERS/Danny Moloshok (UNITED STATES - Tags: BUSINESS)
David M. Solomon, President and Co-Chief Operating Officer of Goldman Sachs, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Lucy Nicholson
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Blankfein has been CEO for 12 years, although stepped back from the firm briefly during late 2015 and early 2016 after being diagnosed with cancer.

The announcement of Solomon's appointment as CEO could be made as early as Monday, the New York Times reported.

Goldman Sachs declined to comment.

Solomon has been the favourite, and pretty much the only candidate, for the job since Harvey Schwartz, Goldman's former joint president and chief financial officer, retired abruptly earlier in the year.

Business Insider's Dakin Campbell reported in May that Schwartz's retirement came after he realised it was almost certain Solomon would beat him to the CEO position.

Solomon, a native New Yorker and Goldman veteran of more than two decades, rose through the investment-banking business with a reputation for being Goldman's point man on many key client relationships, including 3M, Disney's Bob Iger, and casino mogul Sheldon Adelson.

Solomon is known for pushing his investment bankers hard in the service of clients.

He is also known for his unorthodox hobby — EDM production. Solomon, known as DJ D-Sol, recently released his first track, a dance remix of Fleetwood Mac's 1977 hit "Don't Stop."

It has been reported that Solomon's moonlighting as a DJ has even helped Goldman secure business. At the time of Swedish streaming giant Spotify's public listing, tech site Recode reported that Solomon made "a personal plea" in the bank's pitch to the Spotify that referenced his side-project.

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