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.
Harvey Schwartz, one of the bank's two presidents and chief operating officers, is retiring next month, the bank announced Monday.
It is now a lot clearer who will replace Lloyd Blankfein at the top of Goldman Sachs.
Lloyd Blankfein, Goldman Sachs Group Inc. chief executive officer, pushed back Friday against a Wall Street Journal article that said he is planning to step down as soon as the end of this year. The firm's board discussed the idea of choosing a single COO under Blankfein at a meeting in February and settled on Solomon, according to a person with knowledge of their discussions.
The announcement that one of Goldman Sachs's two COOs would resign brought some clarity to the question of the bank's future leadership, after the Wall Street Journal reported that the bank's current CEO, Lloyd Blankfein, would leave by the end of the year. "I want to thank Harvey for all he's done for the firm".
Lately, there's been a great deal of speculation about who might take Blankfein's place. Blankfein later tweeted that he hasn't made an announcement. What's more, Blankfein and JPMorgan's Jamie Dimon are the only two remaining big bank CEOs from the 2008 financial crisis. A spokesman for Goldman Sachs didn't immediately return a call for comment.
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. He moonlights as a DJ, has partied with the likes of Diddy, and once gave life-changing career advice to the Philadelphia 76ers guard J.J. Redick.
"I look forward to continuing to work closely with David in building our franchise around the world", Blankfein, 63, said in the statement.