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.
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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