Goldman Sachs to name DJ D-Sol as next CEO

Tech gains but industrials slide leaving indexes mixed

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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.

D-Sol now serves as the co-president of the company, but will likely be chosen following the announcement that Harvey M. Schwartz, a black belt in karate who serves as the other half of Goldman Sachs's presidential team, is retiring.

Goldman Sachs Group Inc said Monday that President and Co-Chief Operating Officer Harvey Schwartz has made a decision to retire effective April 20, 2018.

Goldman Sachs shares are trading higher in the US Monday, as the global banking group announced its President and Co-COO will retire from his role in April this year.

The sudden news was a shock on Wall Street, where Schwartz, who shared his titles and the effective No. 2 position at Goldman with David Solomon, was an odds-on favorite among many insiders to be the next leader of the storied bank. In September he unveiled the bank's plan to boost revenue by $5 billion in three years. "I feel like Huck Finn listening to his own eulogy". The document didn't name the executive, but Goldman confirmed Solomon's identity to media and said the theft was discovered in the fall of 2016.

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It will also help squash the public parlor game over who will succeed Blankfein, which has drawn repeated headlines about the competition between Schwartz and Solomon.

Goldman Sachs is one of the world's best-known investment banks and has produced prominent figures including Mark Carney, the governor of the Bank of England, and Hank Paulson, the former US Treasury secretary. The firm's fixed-income trading business, which produced Schwartz, is coming off its worst year in more than a decade.

He joined Goldman in 1999, and oversaw investment banking during and after the financial crisis. Solomon moonlights as an electronic music disc jockey, which he puts in terms of giving an example to younger bankers. That business brought in $7.3 billion in revenue in the company's latest fiscal year, while Johnson Controls got more than $22 billion in adjusted revenue from its main business, which makes heating and ventilation systems for buildings and other systems.

Most of the stocks on the New York Stock Exchange ended the day higher.

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