Who is David Solomon? Goldman banker moves closer to top role

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

Chief Executive Officer Lloyd Blankfein plans to step down as soon as the end of this year, the Wall Street Journal reported.

David Solomon, now heir apparent at Goldman Sachs to CEO Lloyd Blankfein, is known for boosting the investment banking division's revenue, spearheading a move to ease the workload of junior bankers and working as an occasional disc jockey with the stage name D.J.

If you thought the bank was starting to let its hair down in recent years as Blankfein took a shine to Twitter, prepare for further departures when Solomon - an unorthodox bank executive who famously moonlights as a DJ - takes the helm.

The end of Blankfein's tenure at the top of Goldman Sachs has always been a Wall Street talking point.

Vertical Group analyst Dick Bove, who sharply criticized Blankfein's leadership of Goldman, said selecting Solomon would position the bank for new opportunities amid changing United States policies on taxes, trade and potentially fiscal stimulus. It leaves David Solomon as the sole president and chief operating officer and the firm favourite to succeed Blankfein. He has served a dozen years at the top of Wall Street's most powerful firm. The decision was signaled Monday with the abrupt retirement of Solomon's lone rival for the job, Harvey M Schwartz, 54. "I feel like Huck Finn listening to his own eulogy", he tweeted, referring to an incident in the Mark Twain novel Adventures of Huckleberry Finn.

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Before taking the co-COO role, Solomon had been a co-head of investment banking in NY for a decade. "Harvey's work ethic, command of complexity, and client focus have defined his career at the firm". UBS sees expansion into new businesses likely to continue under Solomon, given his diverse background - in other words, "not another trader".

Schwartz has been co-president and chief operating officer since January 2017.

In the years ahead, a priority for Solomon, if he indeed succeeds Blankfein as CEO, will be the rivalry between the USA and China.

Solomon's trajectory to Goldman Sachs stardom was less-than-typical - he skipped the Ivy League and studied political science at Hamilton College in upstate NY.

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