Likely new Goldman Sachs CEO is part-time DJ
5 days ago, 15:18
In terms of his day job, Solomon has risen without specializing in Goldman's trading business and is not a lifer of the storied institution, but an outsider who joined Goldman mid-career after working at other banks.
Solomon, 56, moved a giant step closer to the top spot Monday when Goldman Sachs announced the retirement of Harvey Schwartz, his rival for the role after the two men were tapped as co-presidents in December 2016.
Solomon began his Wall Street career in the 1980s at Drexel Burnham Lambert and then Bear Stearns before joining Goldman in 1999 as a rare outsider to begin as a partner.
Solomon came up in the business as a product specialist-underwriting and selling the debt securities of companies with less than stellar credit," said William Cohan, a financial journalist who previously worked on Wall Street in a column in "Vanity Fair" following Monday's news. "
Solomon is ascending to the top spot at an inflection point for the storied investment bank, which is known not only as a financier to major multinationals, but a powerbroker in political circles.
Though still a powerhouse, Goldman has taken some hits to its financial performance over the last couple of years, with low market volatility hitting crucial trading revenue streams.
Goldman will need to continue to transform itself into a more profitable company by growing its wealth and asset management, investment banking and lending businesses, while its markets business needs to broaden its range of clients away from active trading customers, like hedge funds," said RBC analyst Gerard Cassidy.