The contest to succeed Goldman Sachs CEO Lloyd Blankfein is over

The Goldman Sachs boss has been at the helm for a number of years

The Wall Street Journal reported last week that Blankfein is considering retiring at the end of this year, and named both Schwartz, 54, and Solomon, 56, as the only two candidates being considered to replace him.

The Wall Street firm revealed on Monday that co-president Harvey Schwartz, a potential successor to Blankfein, will retire next month after 20 years.

Schwartz will leave the bank on April 20, and Solomon will serve as the sole president and chief operating officer, the New York-based bank said in a statement Monday. Blankfein himself has yet to announce a retirement date.

Solomon rose through the financing business after joining as a partner from Bear Stearns Cos. and ran the firm's top-ranked investment-banking business for a decade.

"You will have a banker at the top of Goldman Sachs, where it's been a trader for the last 12 years", he said, referring to Blankfein's resume.

The end of Blankfein's tenure at the top of Goldman Sachs has always been a Wall Street talking point. In 2009, Schwartz' department made more than $33 billion for the bank.

David Solomon, president of Goldman Sachs.

"Harvey's work ethic, command of complexity, and client focus have defined his career at the firm", Blankfein said in the statement. "Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs". What's more, Blankfein and JPMorgan's Jamie Dimon are the only two remaining big bank CEOs from the 2008 financial crisis. The succession of Jack Welch, the former CEO of General Electric, took six years, turning into a closely-watched, three-man horserace that finally ended when Jeffrey Immelt won the role in 2000.

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.

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